Nov 9, 2008

China Unveils $586 Billion Economic Stimulus Plan - NYTimes.com

China Unveils $586 Billion Economic Stimulus Plan - NYTimes.com: "In a sweeping move at a time when major projects are being put off around the world, Beijing said it would spend an estimated $586 billion by 2010 on wide array of national infrastructure and social welfare projects, including constructing new railways, subways, airports and rebuilding commuties devastated by an earthquake in southwest China in May."

Besides being a strategic responce to the current financial crisis, this plan contains a message that challenges the old Chinese wisdom of how ordinary people should handle their money: Spend it; not save it.

Image source: Flickr/delapropia

No comments: