Proving that they are always just one step ahead of the Econ policy-making realm, the Chinese were waaay out on front on fiscal stimulus. Their package was over $500 billion. Our package is $825 billion... Given that our economy is about 4 times larger than China's, this means that their package is more than twice the size of ours...
I've always said, if you wanna know if a certain policy is good for development, look at China. If you want to know what policies aren't good, look at what Larry Summers is doing. China hoarded Treasuries so they could spend them in crises like now. Larry told them they were foolish. (China is looking smart about right now...) Now Larry is imposing fiscal austerity on America, while China is going all Keynesian. Who's right? I've got my money on China...
Time to learn to speak Zhonguohua... So we can communicate with our future masters...
Update: I researched this post waaay too quickly. It turns out that China followed up the initial stimulus with more spending from provincial governments to make the total $1.4 trillion! What are they spending on? Infrastructure, light rail, increased social spending... and... and... UNIVERSAL MEDICAL CARE!
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