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Thread: China launches a new fiscal stimulus plan to boost its economy!
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[quote=DREAMLIFE,336044]Yesterday, Chinese authorities announced a a “massive infrastructure spending programme”, a part of its new fiscal stimulus plan to boost slowing Chinese economy. In the next two years, about 4000 billion RMB will be spent on infrastructure and social welfare. This move shows that China has taken actions to cope with the global economic crisis. Before making this decision, China has cut the interest rates three times, scrapped quotas for bank lending and unveiled measures to help housebuyers and some exporters. However, the economists said that these were not enough. Some economists believe that the growth rate would go down to 6 percent next year if there was no fiscal stimulus. Last year, the growth was near 12 percent. By the way, Xinhua news reported that Value added Tax reform would be introduced and those Chinese companies will save 120 billion RMB from this.[/quote]
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