Xinhua: China will not launch 2008-style stimulus

Beijing has no plans to introduce another huge stimulus package to jumpstart the economy like the RMB4 trillion (US$586 billion) package rolled out in 2008, Bloomberg reported, citing the state-run Xinhua News Agency. “The Chinese government’s intention is very clear: It will not roll out another massive stimulus plan to seek high economic growth,” Xinhua said yesterday, without attributing the information. “Current efforts for stabilizing growth will not repeat the old way of three years ago.” The article said that China will focus on encouraging private investment in railways, infrastructure, energy, telecommunications, healthcare and education, rather than relying on government largess. Separately, The Wall Street Journal reported that Beijing has “significantly accelerated” approvals for new investment projects by firms and local governments.