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The government announces a $586 billion economic stimulus package.

 

2008, November

 

The government announces a $586 billion economic stimulus package to combat the the global financial crisis, which is affecting China more seriously than expected. The money is to be spend 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. According to China's General Administration of Customs exports in December 2008 fell 2.8% from a year earlier to $111.16 billion, while imports fell 21.3% to $72.18 billion. The sharp decline in imports indicates a likely further decline in exports in coming months, because some of the imports are actually raw materials and components for the production of export products sold on international markets.

The decline of exports and imports in November and December 2008 was a sharp reversal of economic trends in recent years. In 2008, China's exports rose 17.2% to $1.43 trillion and its imports rose 18.5% to $1.13 trillion. Despite the decline in November and December, China's trade surplus was a record $295.46 billion in 2008, up from $262.2 billion in 2007.

 

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china-profile.com - 18 April 2012