Creeping Socialism in Communist China

Jesse Walker | November 10, 2008

Time reports:

China announced a huge economic stimulus package on Sunday, pledging to spend some 4 trillion renminbi — or around $586 billion — on a wide range of moves designed to boost an economy starting to feel the effects of the world financial crisis....

Xinhua, China's official news agency, reported that the package's spending over the next two years would be aimed at ten major areas, including "low-income housing, rural infrastructure, water, electricity, transportation, the environment, technological innovation and rebuilding from several disasters, most notably the May 12 earthquake."