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China’s big, big stimulus plan
Chinese leaders have been saying that the $586 billion economic stimulus package they unveiled this week is not only needed to pump up domestic growth but is also the best way for China to help other countries cope with a global economic crisis. This is one of those rare occasions when a major power’s marketing of its self-interested policies contains a lot of truth.
China’s $3.3 trillion economy accounted for about a quarter of the world’s economic growth last year. China’s stimulus package may not be sufficient to reverse the decline of demand in the global economy, but without sharply increased Chinese spending on housing, railways, power grids, and social welfare, the worldwide recession now underway would doubtless get much worse … Boston Globe
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