After five years of growth in excess of 10 percent, China’s economy is beginning to weaken because of slowing export and (investment) growth, waning consumer (confidence) and severely depressed stock and property markets.
The downturn in investment and exports has led to factory closures in southern China, triggering mass layoffs and even (sporadic protests) by workers who have complained that owners disappeared without paying them their wages.
With many economists in China now projecting that growth in the fourth quarter of this year could be as low as 5.8 percent, and worries that China’s economic miracle could be (walloped) by the global financial crisis, Beijing is moving (aggressively).
While it is unclear how much of the stimulus money is additional government spending, on top of what the government normally (earmarks) for its (infrastructure) projects, the government made clear it was aimed at (propelling) growth for the next two and a quarter years.