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China Plans $58 Billion Stimulus Package and Rate Cuts as Policy Shifts from Inflation to Growth
China’s policymakers are considering a $58 billion (400 billion yuan) economic stimulus package, and will ease monetary policy later this year, as focus shifts from taming inflation to promoting economic growth, said Frank Gong, chief China economist at JP Morgan Chase & Co (JPM).
The stimulus package would be equivalent to 1%-1.5% of the nation’s gross domestic product (GDP) and aimed at smaller businesses struggling with high material and energy costs, a strong yuan, narrowing export demand, and the government’s credit tightening.
“The top leadership is carefully considering an economic stimulus package,” Gong wrote in a note to clients. “This will…
20Aug2008 | Money Morning | Comments Off | Continued
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