China Launches Huge Stimulus Plan
China announced a huge stimulus plan this weekend valued at almost $600 billion. The move could signal another round of big spending and interest rate cuts by leading economies to stave off a recession around the world. Many developed economies are now facing a contraction next year after lending from banks dried up, and newer powers such as China have been caught up in the domino effect.
Chinese news agencies confirmed the government approved $586 billion in new spending between now and 2010, focused largely on infrastructure and social projects. China's cabinet also announced a shift to a "moderately easy" monetary policy, suggesting more rate cuts. China has cut rate cuts three times since mid-September. The move was hailed by the head of the International Monetary Fund, Dominique Strauss-Kahn, who said it would have a positive effect on the world economy.
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Care for some oceanfront property in Arizona? How about some forestland in the Chinese desert? A pair of Chinese forestry executives cheated investors out of $160 million by selling off forested plots in a barren Chinese desert region.
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US Secretary of State Condoleezza Rice said Monday she will travel to China after the New Year, her last scheduled trip before President George W. Bush's administration steps down.
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