Factbox: China’s stimulus by the numbers

BEIJING (BestGrowthStock) – Beijing unveiled its stimulus package on November 9, 2008, an attempt to shield its economy from the global financial crisis by boosting domestic demand. The two-year investment program is now winding down.

Below is a list of key numbers that defined the stimulus.

* 4

The stimulus package totaled 4 trillion yuan ($600 billion), equal to about 13.3 percent of the country’s GDP in 2008.

* 2

The stimulus officially runs for two years, launched in November 2008 and closing at the end of 2010.

* 1.18

The central government funded 1.18 trillion yuan, or 30 percent of the package, with local governments, banks and companies providing the rest.

* 9.59

Chinese banks extended a record 9.59 trillion yuan in new loans in 2009, more than answering Beijing’s call to fund government-initiated investments.

* 7.66

Outstanding loans to local government financing vehicles were 7.66 trillion yuan at the end of June. Chinese provinces, cities and towns, officially barred from borrowing directly, launched thousands of hybrid government-private bodies to get around the restrictions and fund infrastructure spending.

* 26

About 26 percent of all loans to local government financing vehicles, or 2 trillion yuan, are at serious risk of default, according to regulators.

* 24

Beijing has said the stimulus spending was on track to create at least 24 million jobs.

* From 9.6 to 9.1 to 10.0

China’s gross domestic product rose 9.6 percent in 2008. Despite the global financial crisis, the stimulus powered it to 9.1 percent growth in 2009 and has put it on track for 10.0 percent growth this year.

(Compiled by Aileen Wang; Editing by Ken Wills)

Factbox: China’s stimulus by the numbers