The headline that had to be written... Anyhow, Bloomberg:
Chinese President Hu Jintao, speaking to leaders from the Group of 20 nations in Washington, said China can help alleviate the impact of the financial crisis and slowing global growth by stoking its own economy.
“Steady and relatively fast growth in China is in itself an important contribution to international financial stability and world economic growth,” Hu said today, according to the official Xinhua News Agency.
Last week China announced a $586 billion economic stimulus, focused on building low-rent housing, roads, railways and airports. The package also allows tax deductions for fixed assets such as machinery to stimulate investment. Farmers will also benefit from more subsidies.
Chinese SUPERTRAINS!
And, oddly, Hu isn't sinking trillions into the Chinese banking industry. Why would that be?
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100k factories closing --
bec demand for products is down--here and EU. -- http://www.latimes.com/business/la-fi-fa...
"... Government statistics show that 67,000 factories of various sizes were shuttered in China in the first half of the year, said Cao Jianhai, an industrial economics researcher at the Chinese Academy of Social Sciences. By year's end, he said, more than 100,000 plants will have closed.
As more factories in China shut down, stories of bosses running away have become familiar, multiplying the damage of China's worst manufacturing decline in at least a decade.
Even before the global financial crisis, factory owners in China were straining under soaring labor and raw-material costs, an appreciating Chinese currency and tougher legal, tax and environmental requirements. When the credit crunch took hold -- prompting Western businesses to slash orders for Chinese goods and bankers to curtail loans to factories -- many operations were pushed over the edge. ..."
They've been building like crazy tho all along-- a while ago i read somewhere they build like a whole city a month or something there.
They Are Taking Full Advantage of This
And, who wouldn't? I personally don't trust China as far as I can throw them, but that doesn't really have anything to do with the article. :)
But, we've always been at war with Eastasia...