China Headlines:

1. China plans 10 major steps to spark growth as fiscal, monetary policies ease. The stimulus package estimated at 4 trillion yuan (about 570 billion U.S. dollars) will be spent over the next two years till 2010 to finance programs in 10 major areas, such as low-income housing, rural infrastructure, water, electricity, transportation, the environment, technological innovation and rebuilding from several disasters, most notably the May 12 earthquake. (China Securities News)
  
2. President of PBoC Zhou Xiaochuan Projected a 8 – 9% GDP Growth for China next year (Securiities Times)
  
3. National Bureau of Stats Forecast: Q4 CPI to Fall back further (China Securities News)

4. China's VAT reform to shed corporate tax burden by 120 bln yuan
    The reform was aimed at a shift from the existing production-based value-added tax regime to a consumption-based one, which enables Chinese companies to get tax deductions on spending on fixed assets.  
  
5. Ex-President of CSRC Called for the Launch of Buffer Fund, Chinese Academy of Social Science has already Proposed a RMB800bn Buffer Fund Plan to senior level within the gov't

6. Current Railway Construction Investment exceeds RMB1.2 trillion Covering 150 railway Projects.