Chinese stimulus package good for Canada: Flaherty
OTTAWA–Finance Minister Jim Flaherty is welcoming China’s announcement of a massive economic stimulus package – and suggesting other countries will soon be following suit.
The finance minister says the stimulus package will be good for the world economy and good for an exporting nation like Canada.
He says he expects other nations, particularly emerging economies, will also be announcing stimulus packages to restart the global economy.
As for Canada, the minister says previously announced measures by Ottawa will be injecting $2 billion in stimulus next year. He says provinces who can do so should also be attempting to boost their economies.
Flaherty made the comments at a wrap-up news conference from Brazil where financial ministers from the G20 group of countries have been meeting on the global financial crisis.
China earlier announced a $586-billion (U.S.) stimulus package for social welfare and infrastructure projects, including construction of airports, railways, subways, airports and rebuilding earthquake-hit communities Faxless pay advances.
Flaherty says Canada has introduced a five-point plan on renewing the global economic system that calls for stricter international oversight to ensure deficiencies in some nations don’t undermine the stability of others.
The finance ministers meeting was a fore-runner to the more critical leaders summit of the G20 countries in Washington next weekend and concluded without an overall agreement on just how deep reforms of international institutions should go.
Europe and many emerging economies have proposed a new organization to regulate the international financial markets, whereas the U.S., Canada and Japan want a more modest approach specifically targeted to resolving the current crisis.
Filed under: legal by TheDoor