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American consumers spend far more than Chinese, and the entire global economy has been hurt because Americans have so dramatically cut back on spending. But if Chinese leaders keep China's economy growing anywhere near double digits, they will soften the blows of the global economic slowdown. Not bad for a country that barely had an economy just a generation ago.
China plans to spend the money building more highways, railroads and airports, as well as better water, electricity and power infrastructure in rural areas. In addition, it plans to spend billions on environmental cleanup, rebuilding after the Sichuan earthquake, and on low-income housing and tax reforms...
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