China Unveils $586 Billion Economic Stimulus Plan

China Unveils $586 Billion Economic Stimulus Plan

In a sweeping move at a time when major projects are being put off around the world, Beijing said it would spend an estimated $586 billion by 2010 on wide array of national infrastructure and social welfare projects, including constructing new railways, subways, airports and rebuilding communities devastated by an earthquake in southwest China in May.

The package, announced by the State Council Sunday evening, is the largest economic stimulus effort ever undertaken by the Chinese government and would amount to about 7 percent of the country’s gross domestic product during each of the next two years.

November 10, 2008

http://www.nytimes.com/2008/11/10/world/asia/10china.html?_r=1&ref=world&oref=slogin