“China May Have Dug a Financial Hole”
“In late 2008, with the financial crisis rippling through the global economy, China’s leaders embarked on a two-year, $586 billion spending program to try to stave off a recession and keep the Chinese economy growing.
Unlike in the United States — where President Obama’s large stimulus plan became the subject of protracted congressional wrangling and was shaped to include tax cuts and aid to states — Chinese leaders followed a simple mandate: Spend and build.
Forget the tax cuts; in China, it was infrastructure, infrastructure and more infrastructure.” Read more.
Keith Richburg
The Washington Post, June 18, 2010.
Image by Bill Longshaw / FreeDigitalPhotos.net.
