China's stimulus plan

I didn't realize that China is also planning a stimulus plan in the wake of the global financial crisis. Apparently this crisis is bigger than I first thought.

clipped from www.china.org.cn clipped from www.china.org.cn China has announced a 4 trillion-yuan (585 billion U.S. dollars) two-year economic stimulus package to boost growth and domestic demand, 1.18 trillion yuan of which will be funded by the central government. The stimulus package plan include four major components, including large-scale government spending, industrial restructuring and rejuvenation, scientific research and social safety net. Other projects, including the 600 billion-yuan tax cut, old-age pension increase for enterprise retirees, salary increase to 12 million teachers, subsidies to farmers as well as an 850 billion-yuan three-year investment in health care reform were not included in the 4 trillion-yuan stimulus package, Wen said. clipped from www.china.org.cn "We will provide housing to 7.5 million low-income Chinese in three years, and provide better shelter for 2.4 million Chinese who still live in shacks," the premier said.