Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
World Bank, U.S., Brazil hail China's economic stimulus plan
Adjust font size:

The World Bank, United States and Brazil have hailed China's massive domestic economic stimulus plan in the face of the global financial crisis.

The move could also benefit other nations in the aftermath of the crisis, David McCormick, the U.S. Treasury Department's undersecretary for international affairs, told reporters Sunday.

McCormick was attending the annual meeting of finance ministers and central bank governors of the Group of 20 (G20) developed countries and emergent economies in Sao Paulo.

At the end of the two-day meeting that concluded Sunday, the G20 announced a set of measures including fiscal incentives and greater international coordination for better control over the global financial system.

China said Sunday it will loosen credit conditions, cut taxes and embark on a massive infrastructure spending program in a wide-ranging effort to offset adverse global economic conditions by boosting domestic demand.

A stimulus package estimated at 4 trillion yuan (about US$570 billion) will be spent over the next two years to finance programs in 10 major areas, such as low-income housing, rural infrastructure and transportation.

Brazilian Finance Minister Guido Mantega, who chaired the Sao Paulo meeting, said China has taken "the lead" with the plan to avoid an economic slowdown amid the international financial turmoil.

He said China's plan is an "anti-cyclic" policy to avoid the shrinking of the economy.

On Saturday, World Bank head Robert Zoellick, who also attended the G20 meeting, said China is preparing for a strong fiscal expansion as a response to the economic situation at home.

Calling the move "very wise," Zoellick said China's policy of investment expansion and increased infrastructure inputs could be a model for other countries.

(Xinhua News Agency November 10, 2008)

Tools: Save | Print | E-mail | Most Read
Pet Name
China Archives
Related >>
- A timeline of China's recent economic-stimulus measures
- China's 4 trln yuan stimulus to boost economy, domestic demand
Most Viewed >>
- China's 4 trln yuan stimulus to boost economy, domestic demand
- Defining, pursuing new global economic role a tough task for China
- Nod for insurers to buy non-listed firms' stocks
- China to stabilize global financial markets by maintaining growth
- Experts: China little affected by US financial crisis
- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?