China Announces A $586 Billion Stimulus

China has unveiled a two-year, $586 billion economic stimulus program.

The announced sum represents about 16% of China's economic output last year, and is roughly equal to the total of all central and local government spending in 2006, according to WSJ.

The plan includes spending in housing, infrastructure, agriculture, health care and social welfare, and features a tax deduction for capital spending by companies.

As per usual, the Chinese government followed the step of other governments and did not detail where it expected to get the $586 billon it planned to spend.

Since this plan sounds an awful lot like Barack Obama's, maybe he should run both countries.