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China Announces $586 Billion Stimulus Plan

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The Associated Press

Published: November 9, 2008

China has announced a $586 billion spending package to boost domestic demand while vowing to carry out "moderately easy monetary policies."

A statement Sunday on the government's Web site says China's Cabinet has approved a plan to invest $586 billion on infrastructure and social welfare by the end of 2010.

It says China will adopt an "active" fiscal policy and will offer tax help of 120 billion yuan to enterprises.

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China Announces $586 Billion Stimulus Plan

The Associated Press