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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China to inject 1.5 billion dollars into power sector: report AFP - 1 hour 46 minutes ago SHANGHAI (AFP) - - China is expected to inject at least ten billion yuan (1.5 billion dollars) into the struggling power sector in its latest efforts to prop up key industries, Chinese media reported Monday. The state assets watchdog will offer subsidies to five leading state-owned power producers and two power grid firms, which were battered last year by severe snowstorms and the May earthquake, the China Business Journal reported. The five power producers expected to get financial aid from the State-Owned Assets Supervision and Administration Commission are China Huaneng Group, China Datang Corp, China Guodian Corp, China Huadian Corp and China Power Investment Corp, according to the report. State Grid Corp and China Southern Grid Co are also likely to receive funds from the agency, it said. The official Shanghai Securities News reported last month the five power producers posted a combined loss of 26.8 billion yuan for the first ten months of 2008 due to rising coal costs and government-capped power prices. The move would mark Beijing's latest efforts to pump money into key industries hit by the economic slowdown. The parents of China Eastern Airlines Corp and China Southern Airlines have been promised seven billion yuan and three billion yuan respectively in a government bailout, the listed units of the two carriers said in December. Last week, Beijing unveiled an automotive bailout package including a cut in sales tax for purchases of small cars and a 10-billion-yuan fund to help makers upgrade technology and develop alternative-energy vehicles. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy MONEY MARKETS-Dollar rates inch up on banking concernsReuters - 1 hour 35 minutes ago Financial bookmakers see Europe shares open higherReuters - 1 hour 41 minutes ago China to inject 1.5 billion dollars into power sector: reportAFP - 1 hour 46 minutes ago Japan's industrial output drops 8.5 percent in NovemberAFP - 1 hour 47 minutes ago Related Articles: Business Akbank to build $125 mln operations centre-reportReuters - 29 minutes ago US-BUSINESS SummaryReuters - 29 minutes ago Sasken has 70 mln rupees in receivables from Nortel-CFOReuters - 30 minutes ago Thai Tisco sees higher interest margin, Q2 bondsReuters - 31 minutes ago European index futures point to higher startReuters - 31 minutes ago Enlarge Photo China to inject 1.5 billion dollars into power sector: report Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Zimbabwe unveils $100 trillion banknote 'Dogs don't wear condoms,' says Baywatch star Anderson 'Overwhelming emotion' at star-studded inaugural concert Hormone drives sexy women to infidelity, says study All aboard, as Obama takes slow train to power View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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