China to the rescue

China has unveiled an economic stimulus program which it says totals $586 billion. It is aiming to bolster domestic demand and help avert a global recession. According to Andrew Batson for the Wall Street Journal, “though the two-year package appeared to include some previously announced measures, its size was clearly designed to revive the fading confidence of Chinese businesses and consumers, and impress foreign governments. Asian shares rallied sharply early Monday on the Chinese announcement, with benchmark stock indexes in Tokyo, Hong Kong and Shanghai all jumping close to or above 5% in the early hours of trading. (more…)