WHEN CHINA UNVEILED a $600 billion stimulus package in November 2008 it caught the world on the hop. Governments from Washington to Canberra eyed this largesse with longing, envious of Beijing’s ability to funnel vast amounts of cash into domestic industrial projects literally overnight.
For most of 2009 China was hailed as a steady hand on the wheel, steering the world through the worst of the global recession. But what few asked at the time was how Beijing was splashing the cash – and if anyone was overseeing the largest Keynesian fiscal package since the Great Depression.
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