[FT]China authorises ‘massive’ stimulus package

China authorises ‘massive’ stimulus package
By Geoff Dyer in Beijing
중국당국의 강력한 경기부약대책
Published: November 9 2008 19:14 Last updated: November 10 2008 02:00

China announced on Sunday a “massive infrastructure spending programme” as part of a new fiscal stimulus plan aimed at boosting the country’s rapidly slowing economy.
둔화하는 경기를 살리기 위해 강력한 경기부양책을 사용하겠다.

The State Council, China’s cabinet, authorised Rmb4,000bn ($586bn) of investment on infrastructure and social welfare over the next two years, although it did not say how much of the spending would be on new projects not already in the budget.
사회간접자본과 복지에 2년 동안 4조위안을 투자할 것이다.

The government said the spending plan reflected a decision to adopt an “active” fiscal policy to deal with the global financial crisis, while monetary policy would be “moderately active”.
이번 경기부양책은 세계 금융위기에 적극적으로 대처하겠다는 의지를 드러낸 것이다.

The announcement reflects mounting anxiety in Beijing that China’s economy is cooling much more quickly than was initially expected in the face of weaker international demand and a slowdown in the local property market.
예상보다 급격하게 나빠지고 있는 세계수요와 국내자산시장의 침체가 반영되었다.

Two recent surveys of manufacturers showed a slump in activity in October, confirming anecdotal evidence that the slowdown has accelerated in recent weeks. Some economists believe that growth, which was nearly 12 per cent last year, could fall to as low as 6 per cent next year without a substantial fiscal stimulus.
10월 생산자지수가 떨어지고, 일부 이코노미스트들은 중국이 내년도에는 6%만 성장할 것이라고 한 것도 영향을 미쳤다.

Beijing has also been under growing international pressure to take fiscal measures to boost its economy in the hope that continued strong growth can provide some counter-balance to recession in the developed world.
중국에 영향을 받는 다른 나라들의 기대도 반영되었다.

The government has already cut interest rates three times, scrapped quotas for bank lending and unveiled measures to help housebuyers and some exporters. However, economists said those measures had not been enough to overcome growing gloominess among companies and consumers.
중국은 이미 이자율을 세차례나 내렸고, 은행대출을 늘려 주택소유자와 수출업자를 도왔지만 전문가들은 세계경기침체를 이겨내기에는 부족하다고 말했다.

According to the official Xinhua news agency, the State Council decided on Friday to “map out more forceful measures to expand domestic demand”, which would include “massive” infrastructure spending.
신화통신에 따르면 중국당국은 지난 금요일 더욱 강력한 대책을 내놓겠다고 결정했고, 그것이 사회간접자본 투자이다.

The investments will focus on low-income housing, water, electricity, disaster relief and transport, with railways expected to see a big increase. Spending in the fourth quarter of this year would be boosted by Rmb120bn beyond what was planned.
투자대상은 저소득층 주택건설, 수도 및 전기시설 건설, 재난지역 복구, 철도부설 이다. 이번 4분기에만 1200억 위안을 사용할 것이다.

The government said it would introduce a long-awaited reform of value added tax which would cut costs for Chinese companies by Rmb120bn, Xinhua said.
부가가치세를 재정비하여 기업들이 내는 세액을 1200억 위안 깎을 것이다.

In China’s 2006-10 Five Year Plan, the government said it would spend Rmb5,100bn on infrastructure projects.
중국의 2006-10년 계획에는 중국정부가 5조1천억 위안을 사회간접자본투자에 사용하기로 되어있었다.
Copyright The Financial Times Limited 2008
중공업측에 호재, 중서부 개발착수-> 중산층 증가?, 부의 분배로 신소득층 유발? 파생효과를 생각해 봐야 한다.