Windwatcher
11-10-2008, 07:09 AM
China says stimulus plan important for world
Published: 11/10/08, 7:25 AM EDT
By JOE McDONALD
BEIJING (AP) - China's massive stimulus package is meant to help support global growth by boosting Chinese investment and consumer spending, Premier Wen Jiabao said Monday.
"We must implement the measures to ensure a fast and stable economic development," Wen, the country's top economic official, said at a meeting of government leaders, according to a report read out on the state television evening news. "They are not only the needs of the development of ourselves, but also our biggest contribution to the world."
Stock markets in Japan, Hong Kong and mainland China soared after Sunday's announcement of the 4 trillion yuan, or $586 billion, package as Beijing joined moves by governments around the world to cushion the blow of the global slowdown. The plan calls for higher spending on roads, airports and other infrastructure, tax deductions for exporters and more aid to the poor and farmers. Spending on health and education will increase, as well as on environmental protection and high technology.
Wen said China must increase investment and consumer spending, maintain export growth, enhance corporate competitiveness, reform financial industries and improve the health development of the real estate industry, according to the state television report. It gave no other details.
Published: 11/10/08, 7:25 AM EDT
By JOE McDONALD
BEIJING (AP) - China's massive stimulus package is meant to help support global growth by boosting Chinese investment and consumer spending, Premier Wen Jiabao said Monday.
"We must implement the measures to ensure a fast and stable economic development," Wen, the country's top economic official, said at a meeting of government leaders, according to a report read out on the state television evening news. "They are not only the needs of the development of ourselves, but also our biggest contribution to the world."
Stock markets in Japan, Hong Kong and mainland China soared after Sunday's announcement of the 4 trillion yuan, or $586 billion, package as Beijing joined moves by governments around the world to cushion the blow of the global slowdown. The plan calls for higher spending on roads, airports and other infrastructure, tax deductions for exporters and more aid to the poor and farmers. Spending on health and education will increase, as well as on environmental protection and high technology.
Wen said China must increase investment and consumer spending, maintain export growth, enhance corporate competitiveness, reform financial industries and improve the health development of the real estate industry, according to the state television report. It gave no other details.