Economic stimulus packages unveiled by local governments since June 2012 have involved more than 20 trillion yuan (US$3.28 trillion), China Business News reported Wednesday. The amount is more than five times the 4 trillion yuan stimulus rolled out by the central government in 2009 to soften the impact of the global financial crisis on the domestic economy. Sichuan province announced recently it will invest 4.26 trillion yuan in various projects until next year, an amount nearly double its gross domestic product in 2012, while Fujian, Guizhou and Guangdong also approved huge investment plans, the report said. The investment plans would add to local government debts and bring greater financial risks, experts were quoted as saying.
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