London, United Kingdom (PressExposure) December 03, 2009 -- The US financial crisis followed by the recession had a considerable impact on the world economies thereby leading to reduced GDP growth. Chinese GDP growth in 2008 was 9% which was below the double digit growth rates of the previous years. The projected GDP growth of China for 2009 was 6 â 6.5% which is way below the 9% growth achieved in 2008, even though it is high compared to the world average.
In view of this slowing economic growth, the government of China found it imperative to inject funds and stimulate the economy thereby helping the economy attain higher growth rates. The Chinese stimulus package of $586 billion was introduced in November 2008 following the US financial crisis. The stimulus package is expected to be spent over a period of two years. The stimulus plan aims to boost the slowing economy of China by spurring the domestic spending and demand. The Chinese government leadership has projected a growth rate of 8% in 2009 and the stimulus plan is expected to help achieve that growth.
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