The world’s biggest growth contributor has performed an act of economic martyrdom as is de rigueur in International policy circles of late. But while the four trillion Yuan package will no doubt stimulate global growth, this isn’t really China’s gift to the world — China is intent on saving China.

Here’s our pick of the coverage so far:

  • The Economist emphasized the package was an act to stimulate domestic demand and increase domestic credit use. In light of the vast domestic savings that are yet to be let loose on the economy this is a positive step.
  • James Suroweicki at the New Yorker compares the package to the rumoured $100 Billion US bailout, believing the US will have to go much further in order to avoid a long term slow down.
  • The Financial Times Geoff Dyer questioned whether some of the areas targeted by the package would have any effect on the imminent global slowdown.
  • Tina Wang at Forbes believed the package would not come quickly enough into effect to have any significant consequence on the impending recession.
  • Li Yanping and Chia-Peck Wong reported on Bloomberg that the package would increase domestic demand which would have a positive effect on international diplomatic efforts in the coming weeks.
  • Matthew Ygelsias at Think Progress points how the difference between the Chinese package and the situation in the United States.
  • Commodity prices, of course, rose on the news. Paul Hickey at examines how that is affecting consumers.
  • examines Chinese Premier Wen Jiaboa’s claim that the rescue package is China’s “biggest contribution to the world.”
  • The SMH reports on why Kevin Rudd’s a fan of the Chinese plan.
  • According to the LA Times, the global economy also stands to benefit.

On a lighter note perhaps the CCP should forget their quasi-capitalism and take a leaf from the Russian communists who are revelling in the current crisis of capitalism as the Moscow Times reports.

Peter Fray

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Peter Fray
Editor-in-chief of Crikey