Last Autumn's fiscal stimulus package of RMB4tn (USD587bn) is thought by now to have had a beneficial influence on a range of economic indicators in China, says a report just published by the World Bank. This augurs well for the East Asian economy as a whole including commodity-supplying countries in the region.
“The evidence on what’s happening in China seems so pervasive and crosses so many indicators that there’s now a growing degree of confidence,” Vikram Nehru, the chief economist for the region, said in Tokyo. "What we're seeing in China is a willingness to take all the necessary action to make sure the economy continues to grow at a relatively rapid pace. It’s just a question of time before the implications begin to show in imports from East Asian countries.”
China’s RMB4tn (USD585bn) stimulus has already driven investment back to pre-crisis levels, fuelled rebounds in electricity and steel output, and restored consumer confidence. Asian governments have unveiled more than USD700bn in spending, tax cuts and cash handouts, and the World Bank said that countries like China and Thailand can afford more.
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