OECD hails stimulus package

China's 4-trillion-yuan ($586 billion) stimulus plan signals not only its concern for its domestic situation but reflects the broader responsibility of a major player in contributing to global economic problem-solving, the Organization for Economic Cooperation and Development (OECD) has said.

"I welcome China's action to effect a timely, rapid, targeted and generous fiscal stimulus," Angel Gurria, secretary-general of the Paris-based OECD, told China Daily in an email interview yesterday.

China's action represents a speedy reaction to global economic weakness and softer domestic demand, Gurria said. "China's ability to deploy this package is based on the strong fiscal position it has built to date, which allows it to do so without putting public finances under undue duress."