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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China will likely spend full amount of stimulus By JOE McDONALD,AP Business Writer - Monday, January 11 Send IM Story Print BEIJING – China's government will likely spend the full amount of its planned stimulus in 2010, the finance minister said Sunday, despite improvements in its economy and efforts to control bank lending. Finance Minister Xie Xuren's comments could help to reassure companies and investors that Beijing will keep spending to shore up growth. Xie said Beijing plans to spend 992.7 billion yuan ($145.3 billion) on public investment in 2010, Xinhua News Agency reported, including 572.2 billion yuan of stimulus funds. The state-run news agency gave no indication whether Xie's comments included whether the rest of the stimulus due to come from other levels of government also would be fully spent. China's stimulus calls for pumping 4 trillion yuan ($586 billion) into the economy in 2009 and 2010 through higher spending on public works and aid to industry. Some 1.18 trillion yuan of that is coming from Beijing and the rest from local governments, state companies and lending by government-owned banks. Xie's comments add to a string of assurances that official aid will continue, especially to private companies, which missed out on the first year of the stimulus. Most funds last year went to state-owned construction companies and suppliers of steel and cement to build airports and other public works facilities. China's economic growth accelerated to 8.9 percent in the third quarter of 2009, which prompted some economists to say Beijing should start thinking about how to wind down its stimulus. But Premier Wen Jiabao and other officials say the recovery is still not firmly established and have warned against complacency. The government has ordered banks to control lending following a stimulus-driven credit surge in mid-2009 and is trying to prevent over-investment in steel, cement and some other industries. That has stirred unease among some investors that Chinese leaders might be winding down the stimulus and cutting access to credit. Meanwhile, the minister also said Beijing's central government revenues rose 11.7 percent in 2009 despite the global financial crisis. That could help to reinforce confidence that Beijing can continue stimulus spending without straining its finances. Economists say China can afford more stimulus because its debt is low compared with other major economies and tax revenues are still strong. Xie did not give a deficit figure but said it was within the budget approved by the national legislature last March. The government projected then that it would run a deficit of 951 billion yuan ($138 billion) in 2009, equal to about 3 percent of China's $3.5 trillion economy. Recommend Send IM Story Print Related Articles WRAPUP 1-Lending slowdown, provisions hit Saudi banks in Q4 Reuters - 27 minutes ago Saudi Yamama Cement posts 70 pct rise in Q4 profit Reuters - 1 hour 50 minutes ago TABLE-Estimate for Bahrain's Ahli United Q4 results Reuters - 1 hour 57 minutes ago TABLE-Estimate for Batelco Q4 results Reuters - 1 hour 59 minutes ago Banque Saudi Fransi's Q4 profit falls below forecasts Reuters - 2 hours 15 minutes ago News Search Top Stories Argentina appeals court ruling on Central Bank chief Oil talks fail between Russia, Belarus: news agencies Government hopes to cash in on devaluation in Venezuela Dozens join Sudan drumming protest in London Germany needs 'big spending cuts' to reduce deficit More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Britain faces toughest cuts for 20 years: Darling Hugh Grant sets marriage as New Year's resolution Formula One boss launches Saab rescue bid: reports Oil talks fail between Russia, Belarus: news agencies Government hopes to cash in on devaluation in Venezuela More Most Viewed » British priest defends urging people to shoplift Beat the blues by going to bed early: study Huge tomb found at Egypt's Saqqara pyramid More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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