I’m still trying to wrap my head around how we got to the point where the entire world is having a financial crisis! How did it get to this point and who allowed this to happen? Does ANYONE here have a way to explain it to me?
China announced a huge economic stimulus package Sunday aimed at bolstering its weakening economy and, in the process, perhaps helping to counter the effects of the global economic slowdown.
In a sweeping move, Beijing said it would spend an estimated $586 billion by 2010 on wide array of national infrastructure and social welfare projects. They would include new railroads, subways and airports and rebuilding areas like those devastated by the Sichuan earthquake in May.
On Saturday, Hu spoke by telephone with President-elect Barack Obama about issues including the global financial crisis and how China and the United States might cooperate to help resolve economic problems, according to the Chinese state-run news media.
At home, Beijing is struggling to cope with a rapidly slowing economy. After five years of growth in excess of 10 percent, the Chinese economy is weakening because of slowing export and investment growth, declining consumption and severely depressed stock and property markets.