From Wall Street Journal:
The cost of China’s stimulus program is turning out to be much larger than official figures indicate, raising the stakes for the government’s attempt to restart high growth through massive borrowing.
The spending spree has helped steady China’s economy while other major nations remained mired in the global downturn. It is one of the largest stimulus programs adopted by any government in the world — yet China plans to hold its budget deficit to just 3% of gross domestic product this year. That’s about where the U.S. hopes its deficit can end up in a few years after it scales back its stimulus spending.
