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Reports of China's fresh stimulus measures boost German stock markets

By Markus Wanzeck (chinadaily.com.cn)
Updated: 2009-03-05 13:20

Reports that the Chinese government would expand its 4-trillion-yuan economic stimulus program brought some hope to the German stock market, which fell to a 4-year low earlier in the week.

Germany's leading shares index Dax rose more than 200 points, or 5.42 percent, to 3890.94 on Wednesday after a senior Chinese policy advisor indicated China may introduce additional economic stimulus measures.

Zheng Xinli, vice-director of the Policy Research Office of the Central Committee of Communist Party of China, said at the annual sessions of the Chinese People's Political Consultative Conference (CPPCC) that the 4-trillion yuan stimulus plan is not enough and it’s necessary for the government to inject more funds into the economy.

"China's stimulus measures propel stock markets," headlined Spiegel Online, Germany's most important online news magazine. The two prestigious carmakers Daimler and BMW both jumped almost 10 percent.

The German stock market's performance was in line with the global market trend. "Good news for China are good for the world," Spiegel Online cited Paul Mendelsohn of Windham Financial Services as saying.