China unveiled an economic stimulus plan yesterday and said it would adopt a more aggressive fiscal approach in a major policy shift amid a worrying slowdown in economic growth.
The measures were approved at a Cabinet meeting chaired by Chinese Premier Wen Jiabao (溫家寶) on Wednesday, state media said, and would hike spending for agriculture, infrastructure and other sectors.
“China has decided to adopt an active fiscal policy and moderately easy monetary policies to foster fast but steady economic growth by expanding domestic demand,” Xinhua news agency said.
The spending package would total 4 trillion yuan (US$586 billion) by the end of 2010, including monies already earmarked this year, Xinhua said.
State media reports on the measures said they were aimed at spurring domestic consumption. They come amid slackening overseas demand for China’s economically vital manufactured goods.
“Although we face many difficulties, domestic spending power remains strong,” CCTV quoted the meeting as saying.
The move is the latest in a series of steps taken by China in recent months to lessen the impact of the global financial crisis amid slowing growth at home.
China’s economic growth eased to 9 percent in the third quarter of this year, the lowest in around five years, partly as a result of slowing exports.
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