No matter what, China has an ability to remain focused on what matters - and that's China, China's interest and the Chinese people.
The announcement of the $583B stimulus plan is just further evidence of this.
See here for Huffington post article.
See here for the 10 areas designated for spending
Economic growth and the welfare of the people will not be jeopardized, ladies and gentlemen.
So while the USA whose damaged economy lies on the verge of extended recession and even depression, and the powers that be even debate the merit of a stimulus package before an amount can be agreed upon, China comes out with an aggressive broad based plan to revitalize the economy, keep and generate employment, stimulate domestic demand, and provide assistance to those in need.
No matter what the critics may say, China is using this time of unprecedented uncertainty to bring certainty to its economy - to strengthen the fundamentals of its economy, so when the global economy gets back into gear, China is more than ready - China will be ahead.
And for every day that goes by in the US without a stimulus package, the US deepens its economic problems and falls further behind in preparation for global competition.
Sadly, ideology is the reason for this unfortunate US position - some strange objection to spending in order to provide relief to the people, and stabilize the economy. The government is not replacing the private sector; but the economy cannot come to a standstill while the private sector undergoes unprecedented change through a man-made shock largely generated by an element of the private sector itself. Something must happen to make the private sector the engine of growth again - and a stimulus plan can help with short term measures.
It is not either government or private sector. It is necessarily both.
And this is why China gets it, and the US has not.
Thankfully, the President-elect has called for a strategic stimulus package now, and will make it so immediately upon taking office if necessary. Let's hope that the American people and the economy do not have to wait until then because I'm not quite sure that they can.