China has made an announce about a $586 billion package that is going to be spent on national infrastructure and social welfare projects: constructing new railways, subways, airports and rebuilding communities devastated by an earthquake in southwest.
The announce is unusual for the present,when the main powers of the world have stopped any new project deferred due to the current economic slowdown. It represents the largest economic movement ever undertaken by the Chinese government and the funds will be dispersed by 2010 .
“In expanding investment, we must be fast and heavy-handed.”
“Over the past two months, the global financial crisis has been intensifying daily,” (the State Council).
Beijing explained that this is their way to help strengthen the global economy.
“This is designed to say to the market that people should not panic.”