Government Plans Stimulus Package To Boost Growth
News: The government of China has planned a stimulus package for the economy amid fears that GDP growth may miss the 7.5% target set by Prime Minister Li Keqiang for 2014, reports CBC. The State Council has planned a USD35bn fund for railways expenditure and construction of low-cost housing. It said that redeveloping slums and turning them into modern residential areas will 'forcefully drive investment and promote consumption'. The government has earmarked more than CNY1trn (USD178bn) in 2014 for the rehabilitation of shantytowns. The State Council on April 2 revealed plans to sell USD24bn worth of US bonds during 2014 and use the proceeds to expand the rail network in the less-developed central and western regions of the country.