China announces $570B stimulus program

BEIJING, Nov. 9 (UPI) -- China said Sunday it will infuse its economy with $570 billion during the next two years to ward off the global economic crisis.

The money will be directed among 10 sectors, including low-income housing, rural infrastructure, water, power and transportation projects, as well as the environment, technology advancements and rebuilding areas hit by natural disasters, the state-run Xinhua news agency reported.

The State Council, which convened in executive session Wednesday, said the government will ease credit conditions and cut taxes, Xinhua said.

"With the deepening of the global financial crisis over the past two months, the government must take flexible and prudent macro-economic policies to deal with the complex and changing situation," the council said in a statement. "As long as we take the right measures in a resolute and timely way to grasp the chance and rise to the challenges, we will surely secure steady and relative fast economic growth."