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| 3rd tranche of stimulus package to 'fall short' | |||||
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The third batch of China's massive stimulus plan will fall short of the predicted amount and be spent on projects usually overlooked for funding, it was reported at the weekend. The central government will release just 70 billion yuan ($10.2 billion), lower than the previous 100-billion- and 130-billion-yuan tranches of the 4-trillion-yuan package announced last November, reported the Economic Observer over the weekend. Quoting an unidentified official from the National Development and Reform Commission, the Beijing-based newspaper said the plan was being finalized and could be unveiled within a week.
The government would cut back on investment in competitive sectors that had a good expectation of returns, the official said. Stephen Green, an analyst with the Standard Chartered Bank, said less investment and a pledge to stick to moderate monetary policies could indicate the government aims to bring more private-sector money into play. The change could mean that more funding for projects would come from bank loans in the future, he added. The reports on the third instalment of the package followed Premier Wen Jiabao comments on April 16 that it would be released "soon". The China Securities Journal reported on Tuesday that the amount would exceed 130 billion yuan, citing unidentified sources.?
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