The leading policy maker said China should take actions at present to strategically and completely reexamine the policies for millions of migrant workers who are unemployed due to the current financial crisis.

Liu He, deputy director of the Office of the Central Leading Group on Finance and Economy, said the need of the hour is to provide vocational training and education for the migrant workers. “This is not only about employment but also something that has severe social implications,” Liu said in an Read more…

Popularity: 1% [?]

China, crisis, economy, migrant, package, policy

China’s rail users will be the biggest winners as the government’s detailed financial stimulus package come out. New high speed trains, a greatly expanded rail network and faster links between the country’s major cities, all now pulling out of the sidings, are racing towards completion.

China’s railway builders and train manufacturers, too, are celebrating their unexpected fruits following the government’s commitment to enlarge the rail infrastructure across the country. Companies in these sectors are expected to be the major beneficiaries of the 4 trillion yuan stimulus package lately announced by the government as its key policy in ensuring China’s economy continues to thrive, despite the situation of the global financial downturn.

The first fruits of this massive Read more…

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China, economy, investment, package, rail, train

The issue that how to ensure at least 8% economic growth next year while at the same time accelerating the nation’s economic restructuring is being discussed at the annual Central Economic Work Conference.

The conference which began in Beijing on Monday will come to an end today. The three-day event is expected to how more details on how the government will use fiscal and monetary measures to support employment and domestic demand, while reducing excessive dependence on exports.

According to Song Hong, a researcher with the Chinese Academy of Social Science (CASS), the meeting will announce the detailed measures for the goal of economic growth in Read more…

Popularity: 1% [?]

China, economy, growth, measure, package, stimulus

A raft of measures to encourage lending by financial institutions to infrastructure projects, small businesses and potential home and car buyers was unveiled by the government the day before yesterday.

Also, the three policy banks will get 100 billion yuan ($14.6 billion) from the government to prop up economic growth during the worsening global financial crisis.

When chairing an executive meeting of the State Council, or the Cabinet, Premier Wen Jiabao also said they will take steps to help economy over the crisis.

Read more…

Popularity: 1% [?]

China, economy, finance, government, package, stimulus

According to the nation’s think tank the day before yesterday, China’s GDP growth could get 9% next year.

Because of the moves of stimulating investment and consumption, it is believed that the GDP growth could get 9% next year—with 70% possibility.

Wang Tongsan, a senior economist also holds the same opinion, he said Read more…

Popularity: 2% [?]

China, domestic demand, economy, GDP, growth, package, spur, stimulus

After the sharp fall to surge more than 6 percent yesterday, the major mainland index began to rally, mainly boosted by heavy weight stocks in the energy and financial sectors.

The benchmark Shanghai Composite Index and Shenzhen Component Index both soared several percent especially Shanghai Composite Index had 884 stocks closing higher.

The amount of the combined Read more…

Popularity: 2% [?]

China, energy, finance, mainlan, package, stimulus, stock

According to the municipal government official, in addition to the 500-billion-yuan plan introduced last Friday, the government will launch a 160-billion-yuan ($23.4 billion) economic stimulus package. The plan was approved by Shanghai Han Zheng on Monday. It will be spent in the coming two years on such areas as transportation, scientific innovation, industrial upgrading, environmental protection and projects regarding the 2010 Shanghai World Expo.

The urban construction Read more…

Popularity: 2% [?]

China, government, package, plan, Shanghai, stimulus

According to a senior planning official last Friday, it could cost the government larger than the 4 trillion yuan ($586 billion) stimulus package already announced to boost China’s economy.

During a press conference organized by the State Council Information Office, vice-director of the National Development and Reform Commission (NDRC), Mu Hong said that the 4 trillion yuan would only be part of the country’s total investment and the central government would provide 1.18 trillion yuan for the package.

The total spending of investment from which including businesses and local government will reach 4 trillion yuan by the end of 2010. But Mu conjectured that investment from across society could be even higher. Read more…

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4 trillion yuan, China, economy, funding, package, stimulus

China has planed to tackle the global financial crisis through 4-trillion-yuan economic stimulus package. Here are other countries’ methods to deal with the crisis:

United States: The global crisis was brought about by the housing market collapse of this country which has earmarked $700 billion for bank funding. It is expected that Barack Obama would spend hundreds of billions of dollars more in a fiscal stimulus package once he assumes office next year.

Read more…

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China, crisis, housing market, package, stimulus, world

Presided by Premier Wen Jiabao, a State Council meeting has resolved that it is necessary to adopt “proactive” fiscal and “moderately loose” monetary policies now. The government has cleared a 4 trillion-yuan ($586 billion) investment package to stimulate domestic demand and boost the slowing economy till 2010.

The Nov 5 statement marked an end to the previous prudent policy because of the increasing risk of slowing down further. According to Zhang Read more…

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$586b, demand, economy, investment, package, policies