China, the world's fourth largest economy is making its biggest move to guard its economy against global financial crisis. It recently announced $586 billion stimulus plan package as part of its plan to backup its ailing economic status.
China's statement said the Cabinet, at a meeting chaired by Premier Wen Jiabao, had "decided to adopt active fiscal policy and moderately easy monetary policies."
The statement said the spending would focus on 10 areas. They included picking up the pace of spending on low-cost housing -- an urgent need in many parts of the country -- as well as increased spending on rural infrastructure.
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