China Unveils Massive $586B Stimulus Bill

China announced a $586 billion stimulus package today in its biggest move to stop the global financial crisis from hitting the world's fourth-largest economy. A statement on the government's website said China's Cabinet had approved a plan to invest the money in infrastructure and social welfare by the end of 2010.

Spending will focus on 10 areas, including increased spending on low-cost housing and rural infrastructure. Money will also be poured into new railways, roads, airports, health, education, environmental protection, and high technology. The government has already cut key interest rates three times in less than 2 months in a bid to spur economic expansion. (More China stories.)