Economy gets $586b power dose
By Wang Xu | 皇冠体育app Daily | Updated: 2008-11-10 07:36
The government has cleared a 4 trillion-yuan ($586 billion) investment package till 2010 to spur domestic demand and boost the slowing economy.
A State Council meeting, presided by Premier Wen Jiabao, has resolved that it is necessary to adopt "proactive" fiscal and "moderately loose" monetary policies now, Xinhua reported yesterday.
The Nov 5 statement marks an end to the previous "prudent" fiscal and "tightening" monetary policies because the economy now faces an increasing risk of slowing down further.
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