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IMF chief applauds Chinese stimulus plan

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IMF chief applauds Chinese stimulus plan

 IMF chief applauds Chinese stimulus plan
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The head of the International Monetary Fund has praised Beijing for a massive spending package to boost economic demand within China.

The plan makes 460 billion euros available over the next two years to help China ride out the global financial crisis.

Speaking in Sao Paolo at the end of the G20 finance officials’ meeting, Dominique Strauss-Kahn said: “I am very happy to see, for instance, that the Chinese just announced a big support on the fiscal side, which is exactly in line with what we asked for almost two months ago and what the G20 communique is explaining.”

China’s double-digit growth over the last five years has helped make it the world’s fourth largest economy.

That slowed sharply in the third quarter, and economic conditions worsened further in October.

However, analysts point out that China has a lot of cash in the bank for an aggressive bailout.