ECON2123 the Goods Market

7/23/2019 ECON2123 the Goods Market

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Ch1: A Tour of the World

Ch2: A Tour of the Book

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Table 1-1 World Output Growth since 2000

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Chinese Economic Stimulus Program (From Wikipedia, the free encyclopedia)

The 200809Chinese economic stimulus plan () is aRMB4 trillion (US$ 586 billion)stimulus packageannounced by theState Council of the People's Republic of Chinaon 9 November 2008 as anattempt to minimize the impact of theglobal financial crisison theworld's second largest economy.[2][3] Critics ofChina's stimulus package have maintained that it has made matters worse by pumping excessive investmentsinto an economy that was overheated and marked by overcapacity and overinvestment.[4][5][6]

On June 2009, theWorld Bankraised its growth forecast in China for 2009 from 6.5% to 7.2% amid signs thatthe economy is doing better than expected, which has been helped by the stimulus package. But it says thecountry's exports are still down, as the rest of the world struggles with the global recession. It was previouslypredicted in March 2009 that the Chinese economywould grow by 6.5% in 2009, several percentage points

down on 2008's growth.

A statement on the government's website said theState Councilhad approved a plan to invest 4 trillionyuanininfrastructureandsocial welfareby the end of 2010. [3][7] This stimulus, equivalent to US$586 billion, representeda pledge comparable to that subsequently announced by the United States, but which came from an economyonly one third the size.[8] The stimulus package will be invested in key areas such as housing, ruralinfrastructure, transportation, health and education, environment, industry, disaster rebuilding, income-building,tax cuts, and finance.[9]

China's export driven economy started to feel the impact of the economic slowdown in the United StatesandEurope, and the government had already cut key interest rates three times in less than two months in a bid tospur economic expansion.

The stimulus package was welcomed by world leaders and analysts as larger than expected and a sign that byboosting its own economy, China is helping to stabilize the world economy. World BankPresident RobertZoellickdeclared that he was delighted and believed that China was well positioned given its current accountsurplus and budget position to have fiscal expansion.'[8] News of the announcement of the stimulus packagesent markets up across the world.[10]

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