2012-06-01 — nytimes.com
Spooked by a sharply slowing economy, China's leaders have begun opening the financial spigots to build still more roads and airports and subsidize consumer purchases, reprising measures that enabled the nation to sail mostly unscathed through the last great global recession.
But the leaders are signaling that the latest round of stimulus spending will fall far short of the four trillion renminbi, or $585 billion at the time, that the government poured into the economy in 2008 and 2009. That spurred a torrent of bank lending, part of it for dubious projects that many experts say will wind up having to be written off in coming years.
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