Monday, November 10, 2008

China announces $586 bn stimulus plan

China announced a US $586 billion economic stimulus plan Monday boosting stock markets around the world.

The new plan will help bolster manufacturing and is stabilizing commodity prices and strengthening confidence in countries that supply raw materials for manufactured goods.

Beijing will concentrate most of the money into new construction, which uses large quantities of commodities.

Japan recently announced a $277 billion stimulus plan, and US President-elect said that one of his first priorities upon taking office will be to implement a new stimulus package.

Sydney Morning Herald
China stimulus plan to bolster regional economies
Sydney Morning Herald, Australia - 3 hours ago
BEIJING'S mammoth economic rescue package will focus overwhelmingly on construction, raising hopes China can help to stabilise global commodity markets and ...
China's stimulus package to be felt worldwide
China Stimulus Plan Will Boost Stocks Sentiment (Update1) Bloomberg
$US586b Chinese stimulus package good news for NZ National Business Review

Boston Globe
Asian, European stocks surge on China stimulus plan
Business Standard, India - 3 hours ago
... 2008, 18:12 IST Asian and European stocks surged more than five per cent, as investors cheered China's mammoth $586 bn economic stimulus package, ...
European shares higher in early trading MarketWatch
European indexes seen up 2.9-3.6 pct -bookmakers Reuters UK