David McCormick, U.S. undersecretary of Treasury for International affairs, speaks during a press conference in Sao Paulo, city of southeast Brazil, Nov. 9, 2008. The G20 Finance Ministers and Central Bank Governers' Meeting was closed on Sunday. (Xinhua/Zhang Chuanqi)
World Bank head Robert Zoellick, who also attended the G20 meet, said China is preparing for strong fiscal expansion as a response to the economic situation at home.
Calling the move "very wise," Zoellick said China's policy of investment expansion and increased infrastructure inputs could be a model for other countries.
David McCormick, the U.S. Treasury Department's undersecretary for international affairs, said China's move could also benefit other nations in the aftermath of the crisis.
Mantega said China had taken "the lead" with the plan to avoid an economic slowdown following the international financial turmoil.
He said Beijing's program is an "anti-cyclic" policy to avoid the shrinking of the nation's economy.
China announced Sunday that it will loosen credit conditions, cut taxes and embark on a massive infrastructure spending program in a wide-ranging effort to offset adverse global economic conditions by boosting domestic demand.
A stimulus package estimated at 4 trillion yuan (about 570 billion U.S. dollars) will be spent over the next two years to finance programs in 10 major areas, such as low-income housing, rural infrastructure and transportation.
Zhou Xiaochuan, governor of China's central bank, said his country will help stabilize international financial markets by maintaining economic growth and expanding domestic demand.
China's central bank is closely following the situation in international financial markets to make policies on further readjustment of interest rate, Zhou said.
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