China: Stimulus plan going well

China says its massive stimulus package to combat the global economic crisis has been well implemented. The country's senior discipline supervisors and auditors made the remarks during a press conference in Beijing today. But they say problems have been found in the use of the stimulus money.

China says its massive stimulus package to combat the global economic crisis has been well implemented.

China is on a huge spending mission to pull its export-dependent economy out of the global crisis.

The central government rolled out a four-trillion yuan, or 580-billion U.S. dollar stimulus package, in November last year to expand domestic demand.

It focussed on increasing infrastructure spending, earthquake relief, and expanding the social security net.

The impact has so far been profound.

Thanks to the package, the world's fourth-largest economy looks set to achieve its goal of eight percent growth this year. While the rest of the world continues to taste the bitterness of recession.