China on Sunday (announced) a huge economic stimulus package aimed at (bolstering) its weakening economy and perhaps helping fight the effects of a global economic slowdown.
In a sweeping move at a time when major projects are being put off around the world, Beijing said it would spend an estimated $586 billion by 2010 on wide array of national infrastructure and social welfare projects, including constructing new railways, subways, airports and rebuilding communities (devastated) by an earthquake in southwest China in May.
The package, announced by the State Council Sunday evening, is the largest economic (stimulus) effort ever undertaken by the Chinese government and would amount to about 7 percent of the country’s (gross domestic product )during each of the next two years.
Beijing also said it was (loosening credit )and encouraging lending as part of a more “pro-active (fiscal) policy.”
“Over the past two months, the global financial crisis has been intensifying daily,” the State Council said in its statement. “In expanding (investment), we must be fast and heavy-handed.”