China Stimulus Package

China today announced a stimulus package worth some $586 billion, equal to approximately 16.7% of the roughly $3.5 trillion economy. The US has previously announced a $700 billion rescue package which while large is equal to some 5% of the $14 trillion US economy. China's package which will concentrate on infrastructure and capital improvement is huge and is consistent with global efforts to forestall the creeping deep global recession.

This is big news.