What did China do right in its stimulus package?

Partly, China started by having a bullish economy. Their GDP growth of 6% is actually the lowest in a decade. Since getting out of a recession only means an increasing GDP, it helps to start with a GDP that's relatively small.

Which they did, a decade ago. They've added double-digit growth since then, so by comparison, 6% is practically a recession. But it's also the envy of the rest of the world's economies.

And it's doubly impressive given that China's economy is so export-driven. As the rest of the world's economies contracts, China's trade balance dropped, from the mid-$20-billion per month to $14 billion a few months ago. China also provided a hefty stimulus.

$586 billion is less than our $750 billion, but their GDP is a third of ours ($4.4 trillion vs $14.3 trillion). In the short term, using stimulus to get out of a recession is trivial. The formula for GDP: (consumption + spending + government spending + net exports) is easily manipulated with the government spending term.Net exports may fall $100 billion over the year, but a $586 billion stimulus covers that easily.

The question is whether the country will use that money well. America put out a much smaller stimulus package, so it's working more slowly. Some of it is designed for long-term benefit; some of it was just meant to keep unemployed people from starving in the meantime.

The GDP formula doesn't distinguish between the two, but which one you use makes a big difference in the long run.

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