While Europe sits, waits and watches as one of the most delicate economic situations in history plays out, China is planning to invest a Stimulus package “equivalent to the entire GDP of Italy” to, in essence, go green.
Europe is crossing their fingers for the help of China, as China is casually planning out the specifics of it’s ¥10 trillion [$1.7 trillion] “Strategic Sectors” package. Similar to most plans made in China, it is meant to span five years and is targeted at cleaning up the enormous amounts of energy produced and guzzled by China every year. China’s move to become more “eco-friendly” is a positive step towards polishing their gritty environmental track record.
China has assured US Comerce Secretary John Bryson that International Firms will have the opportunity to involve themselves in this cash rich plan. Encouragingly, China has also announced they are not scaling back another of it’s 5 year plans. China has decided to move forward with it’s high-speed rail project of ¥2.8 trillion even after many recent catastrophes. This and other large projects will provide international jobs.
Are there still doubts that the global power players are shifting?