Chinese Vice Premier Wang Qishan said on Monday that the global economic outlook is extremely grim, and that China will seek to bolster its own economy as the rest of the world lags behind.
Wang said he believes an “unbalanced” global recovery is the best way to approach the global financial crises and that his country is looking to invest 10 trillion yuan ($1.7 trillion) to spark its own economic growth, according to Reuters.
The investment amount is more than two times larger than China’s 4 trillion yuan stimulus package launched during the global financial crisis plans first reported by Reuters a year ago.
Wang suggested that the United States take note of China’s plan to invest in sectors including alternative energy, biotechnology and advanced equipment manufacturing. The country’s aim is to shift the growth engine of its economy to cleaner and high-tech sectors.
“As major world economies, China and the United States would make a positive contribution to the world through their own steady development,” Wang said.
Economic policy experts are still speculating whether, with the most recent round of global economic uncertainty, China will work to boost its exports like it did during the 2008-2009 crisis.