china's economy

Wen Jiabao defends China's 2008 stimulus

The government's resolute decision helped China to avoid a major setback, the country's premier told delegates at the World Economic Forum.
Wen Jiabao
Wen Jiabao

In response to criticism over the widely debated Rmb4 trillion $634 billion stimulus package launched in 2008, China’s Premier Wen Jiabao, for the first time, publicly defended the action at the World Economic Forum in Tianjin yesterday.

“Some people said that we paid an undue price,” Wen said. “I want to make it clear that it was exactly due to our resolute decision and scientific response that China was able to avoid factory closing, workers losing jobs and migrant workers returning to their villages.”

He added “These stimulus measures helped us keep the good momentum of economic development, maintain social stability and harmony, and protect China’s modernisation...

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