A number of news sources (International Herald Tribune, Bloomberg, the WSJ) are reporting that China has unveiled $586 billion stimulus package that it hopes will bolster domestic demand and help avert a global recession.

This from the Wall Street Journal:

Though the two-year package appeared to include some previously announced measures, its size was clearly designed to revive the fading confidence of Chinese businesses and consumers, and impress foreign governments.

The WSJ went on to say that the plan includes spending in housing, infrastructure, agriculture, health care and social welfare, and features a tax deduction for capital spending by companies.

Asian stocks rallied in response to the plan.


Photo courtesy of iStockphoto, Kyle Maass