China has submitted a $586 billion stimulus package on Sunday largest of its move to inoculate the world's fourth largest economy against the global financial crisis.
China joined other major economies like the U.S., Japan and Germany have already established their own incentive schemes.
The United States has allocated $168 million earlier this year of tax cuts for individuals and tax breaks for businesses. Germany set aside $29 million in tax rebates on new cars and credit assistance for businesses. Japan allocated $275 million for loans to small and medium enterprises and reductions in tolls on the highway among other measures.
On Wednesday, officials of Finance of the G-20 rich and major developing countries will gather in Washington to discuss a strategy to boost the global economy. Chinese President Hu Jintao plans to attend the meeting.
The cost to rebuild the devastated areas, including Sichuan province, where 70,000 people were killed and millions homeless by the massive earthquake in May, will also be accelerated. This includes $2.93 million planned for next year will be moved into the fourth quarter of this year.
OK, I'm sure everyone is excited to receive 600 U.S. dollars from the government. But is it really that good? Americans are borrowing billions of dollars from China to this fund or stimulate their own economy. However, most Americans probably go out and spend this extra money on things they want and need from stores like Wal-Mart, Target, etc, were all most of the products are made in China anyway! Therefore, it does not strengthen the US economy and they must then pay China billions of dollars!
Do you have any plans for your new found money and what do you think of the new stimulus plan?
Other Articles:
1 Earthquake shakes western China
2 Aides: Obama wants quick impact
3 China details $586B stimulus plan
4 Afghan governor: U.S. forces killed...
5 Census counts ocean life wonders
6 Monks brawl in Jerusalem
7 20 killed on sub were poisoned
8 Obama: Act 'swiftly' on economy
9 Owner detained in school collapse
10 Large funeral turnout expected
