gindalbie accepts $162.1m ansteel share at .85, page-39

cpg, you seem to have a knack with making friends. LOL

Ansteel would not be watching GBG's daily share price but rather putting all their energy into investigating what slice of the proposed Economic Stimulus Plan that can achieve (refer below).


China Unveils $586 Billion Economic Stimulus Plan
By DAVID BARBOZA
Published: November 9, 2008

SHANGHAI — China on Sunday announced a huge economic stimulus package aimed at bolstering its weakening economy and perhaps helping fight the effects of a global economic slowdown.
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In a sweeping move at a time when major projects are being put off around the world, Beijing said it would spend an estimated $586 billion by 2010 on wide array of national infrastructure and social welfare projects, including constructing new railways, subways, airports and rebuilding communities devastated by an earthquake in southwest China in May.

The package, announced by the State Council Sunday evening, is the largest economic stimulus effort ever undertaken by the Chinese government and would amount to about 7 percent of the country’s gross domestic product during each of the next two years.

Beijing also said it was loosening credit and encouraging lending as part of a more “pro-active fiscal policy.”

“Over the past two months, the global financial crisis has been intensifying daily,” the State Council said in its statement. “In expanding investment, we must be fast and heavy-handed.”

The stimulus plan would be enormous for any country, let alone one whose gross domestic product is lower than most other major industrialized countries, at around $3.5 trillion this year. Earlier this year, the United States Congress passed a $700 billion bailout package in a country with an economy whose size is close to $14 trillion.

The announcement came less than a week before President Hu Jintao is scheduled to travel to Washington for a global economic summit meeting that will be attended by world leaders and hosted by President Bush. There, China is expected to be pressed by world leaders to do its part to help strengthen the global economy in the face of what some economists say is the worst financial crisis since the Great Depression.

But Beijing has already indicated that it intends to help stabilize the global economy by looking inward, and helping keep the world¡¯s fastest-growing economy on track.

At a weekend meeting of Group of 20 finance ministers in Sao Paolo, Brazil, the head of China’s Central Bank, Zhou Xiaochuan, said China can help stabilize international markets by encouraging consumption at home.

And on Saturday, Chinese President Hu spoke by telephone with President-elect Barack Obama about a range of issues, including the global financial crisis and how the two countries might cooperate to help resolve economic problems, according to China’s state-run news media.

Beijing is already struggling to cope with a rapidly slowing economy at home.

After five years of growth in excess of 10 percent, China’s economy is beginning to weaken because of slowing export and investment growth, waning consumer confidence and severely depressed stock and property markets.

The downturn in investment and exports has led to factory closures in southern China,