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World Bank chief hails China's massive stimulus package

(Xinhua)
Updated: 2008-11-12 09:50

WASHINGTON -- World Bank President Robert B. Zoellick said on Tuesday that he was pleased with China's massive stimulus package estimated at 4 trillion yuan ($570 billion).

"China is well positioned given its current account surplus and budget position to have fiscal expansion," said the World Bank chief at a news conference.

"I am delighted that China decided not only to undertake these steps, but to announce it before the G20 summit," he added.

The leaders of G20, which comprises major economies from both the developed world and emerging world, is slated to meet in Washington on Saturday.

Zoellick said will meet with some Chinese officials around the summit and he will visit China next month to learn more about China's economic situation.