Wired PR News.com – Following the United States approval of a bailout plan for its financial sector, China approved a stimulus plan for $586 billion to give their economy a boost as well from the shortfalls presented on a global scale that have caused an economic slowdown. As reported by the Associated Press, the bailout plan has helped boost Asian stock markets, making strong gains for investors.
As reported, the Shanghi Composite Index rose 5.6 percent after experiencing extremely weak numbers from drops in the month of October. Hong Kong, Australia, and South Korea were stated to experience subsequent gains as well. SG Asset Management director, Winson Fong cited “Investors in mainland China have been waiting for a complete rescue package since the beginning of the year.”
The Sunday announcement of China’s bailout package came on the heels of a call for an increase in government spending to assist the economy by representatives of 20 different countries.