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Packaging power for the economy
(China Daily)
Updated: 2008-11-11 09:30
The money will be spent from now till 2010, out of which 120 billion yuan is for the fourth quarter of this year. It is expected to generate an overall investment of up to 400 billion yuan, if the matching resources from the local governments and communities are taken into account. Economists say the National People's Congress, China's top legislature, could grant the State Council even greater spending power if more money is needed for maintaining the growth rate and creating jobs. Exporters to China, irrespective of whether they supply materials or are engaged in services, will benefit from China's growth and could create jobs in their countries and regions. A financial stimulus package of $586 billion is a huge amount for an economy that is one-fifth the size of the US. But China's aim is not just to spend its way out of a recession. Many aspects of the plan are tailored to improve the quality of people's life, including better housing, better schools, better healthcare and a better environment, and to achieve sustainable development. Their implementation will help social programs and community interests flourish. (For more biz stories, please visit Industries)
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