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China’s stimulus package working, despite slowing economy

China’s 4 trillion Chinese Yuan (AUD 905 billion) stimulus package is doing wonders for the economy, said China’s Premier Wen Jiabao on Saturday at the Boao Forum, despite the fact that the Chinese economy is slowing.

According to the Premier the stimulus package is working “better than expected” and he is confident that China can overcome the crisis.

This is despite the fact that China’s economy expanded at its slowest pace in the three months to March, in a decade at 6.1 percent.

Wen said China is taking measures to improve its social safety net, expand domestic consumption and to develop the poorer west of the country, along with implementing job boosting measures. He said that as a result of the stimulus package, industrial output, consumer spending and investment in factories were on the rise.

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