China Will Maintain Stimulatory Policies, Wen Says

From Bloomberg:

China will maintain its current macroeconomic policy stance aimed at bolstering domestic spending as the nation continues to experience fallout from the global recession, Premier said.

The effect of some of China’s stimulus policies will weaken over time, and the economy is still under pressure from declining demand for exports, Wen said in a statement on the central government’s Web site today.

China’s 4 trillion yuan ($586 billion) stimulus plan, which is funding the construction of roads, railways and airports, coupled with record lending helped the economy recover in the second quarter from the slowest growth rate in almost a decade. Government spending and the credit boom have countered a collapse in trade and aided global businesses from Semiconductor Manufacturing International Corp. to General Motors Co.

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