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China Unveils 4 Trillion Yuan Spending as World Faces Recession
Date:2008-11-10
China pledged a 4 trillion yuan ($586 billion) stimulus plan to prop up growth in the fourth-largest economy as the world heads toward a recession.
The funds, equivalent to almost a fifth of China's gross domestic product last year, will be used by the end of 2010, the Beijing-based State Council said yesterday on its Web site. Following a weekend meeting in Sao Paulo, finance ministers from the Group of 20 nations, of which China is a member, issued a joint statement saying they are ready to act "urgently'' to tackle the economic slump.
We believe that this funding will start a great impact of Chinese truck industry.
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