Guangdong launches local stimulus plan

Authorities in Guangdong province, an economic powerhouse in South China, plan to allocate a large sum of money this year to boost its economy.

According to a financial budget report submitted to a provincial legislative meeting for approval on Wednesday, the province will arrange for up to 64.7 billion yuan ($10.47 billion) to support development of infrastructure, maintain stable trade growth, expand consumption and promote the transformation of industry.

The move comes after relatively slow economic growth in the first four months of 2014.