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China Announces More than $200 Billion in New Spending Plan, Concerned About Financing U.S. Debt
Speaking at his annual press conference Friday, Chinese Premier Wen Jiabao announced more than $200 billion of new spending to bolster the nation’s flagging economy. However, Wen also voiced concern about China’s financing of U.S. debt – which U.S. President Barack Obama is counting on to fund this country’s massive stimulus plan.
Wen’s new stimulus outline will raise the old-age pension for retired workers, boost the salaries of 12 million teachers, increase farmers’ income and provide more subsidies for them.
China will also cut taxes by $88 billion (600 billion yuan) and spend $124 billion (850 billion yuan) to reform reform the…
16Mar2009 | Money Morning | 0 comments | Continued
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