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China's new stimulus plan

The New York Times reported that China announced an economic stimulus plan on Sunday to help its weak economy.

The $586 billion plan could also help fight the effects of the global slowdown, the Times said.

The money is to go into housing, infrastructure and post-earthquake reconstruction in China over the next two years, said the BBC.

China's markets have already risen a day after they announced the investment plan to kick-start its slowing economy.