China in USD 570bn stimulus to economy
China said on Sunday it will loosen credit conditions, cut taxes and embark on a massive infrastructure spending program, Xinhua news agency reported.
Monday, 10.11.2008.
11:22
China said on Sunday it will loosen credit conditions, cut taxes and embark on a massive infrastructure spending program, Xinhua news agency reported. The wide-ranging effort is aimed at offsetting adverse global economic conditions by boosting domestic demand. China in USD 570bn stimulus to economy This is a shift long advocated by analysts of the Chinese economy and by some within the government. It comes amid indications that economic growth, exports and various industries are slowing. A stimulus package estimated at 4 trillion yuan (about USD 570bn) will be spent over the next two years to finance programs in 10 major areas, such as low-income housing, rural infrastructure, water, electricity, transportation, the environment, technological innovation and rebuilding from several disasters, most notably the May 12 earthquake. The policies include a comprehensive reform in value-added taxes, which would cut industry costs by 120 billion yuan. Commercial banks' credit ceilings will be abolished to channel more lending to priority projects, rural areas, smaller enterprises, technical innovation and industrial rationalization through mergers and acquisitions. The decision was announced on Sunday by the State Council, or cabinet, after Premier Wen Jiabao presided over an executive meeting on Wednesday.
China in USD 570bn stimulus to economy
This is a shift long advocated by analysts of the Chinese economy and by some within the government. It comes amid indications that economic growth, exports and various industries are slowing.A stimulus package estimated at 4 trillion yuan (about USD 570bn) will be spent over the next two years to finance programs in 10 major areas, such as low-income housing, rural infrastructure, water, electricity, transportation, the environment, technological innovation and rebuilding from several disasters, most notably the May 12 earthquake.
The policies include a comprehensive reform in value-added taxes, which would cut industry costs by 120 billion yuan.
Commercial banks' credit ceilings will be abolished to channel more lending to priority projects, rural areas, smaller enterprises, technical innovation and industrial rationalization through mergers and acquisitions.
The decision was announced on Sunday by the State Council, or cabinet, after Premier Wen Jiabao presided over an executive meeting on Wednesday.
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