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China Stimulus, Troublesome Retail Earnings Point to Escalating Global Economic Woes
China unveiled yesterday (Sunday) what it described as a “massive” economic stimulus package – a planned capital infusion of $586 billion that it plans to use to reverse its slowing growth, to loosen credit and to offset slowing global growth by stoking domestic demand.
Xinhua, China’s state-run news agency, said yesterday that the stimulus package represents “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.”
The decision was announced yesterday by the State Council after Premier Wen Jiabao presided over an executive…
10Nov2008 | Money Morning | Comments Off | Continued
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