THE ailing global economy is set to receive a shot in the arm from China, with a massive $849 billion stimulus package aimed at keeping the emerging economic superpower growing.
The 4 trillion yuan plan, equivalent to about 20% of China's GDP, is the biggest injection of cash by a government in history, and is expected to have flow-on benefits for other economies including Australia as they battle to avoid recession.
Regional sharemarkets rallied in response to Beijing's announcement, with shares in Australian mining giants BHP and Rio Tinto soaring more than 7% in expectation of a better outlook for their exports.
Prime Minister Kevin Rudd hailed the Chinese plan, telling Parliament: "This is an extraordinary package of significance not just to this economy but also to the economy across wider East Asia and the world. More...
See also:
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- Greece comes to a halt as demonstrators protest bank bailout...
- "A new financial order" as Europe stuns with €1.5 trillion bank rescue...
- Bailout? Fed.Reserve? Inflation?Trillion?Quadrillion? What the hell is going on?
- Protest in England: no bailout for the bosses...
- Wall Street bail-out protest...
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