China unveiled an economic stimulus program it billed as totaling 586 billion USD, aiming to bolster domestic demand and help avert a global recession. The spending plan focuses on infrastructure and social welfare through the end of 2010. Asian shares rallied sharply early on Monday on the Chinese announcement, with benchmark stock indexes in Tokyo, Hong Kong and Shanghai all jumping close to or above 5% in the early hours of trading. The plan includes spending in housing, infrastructure, agriculture, health care and social welfare, and features a tax deduction for capital spending by companies.
