Bailout shows consensus on mitigating economic risks

The National Development and Reform Commission unveiled some details of the government's 4-trillion yuan stimulus package at a press conference yesterday.

This not only reaffirms the government's commitment to reviving the economy, but also more importantly, clarifies where and how the funds earmarked in the stimulus package will be spent.

The NDRC move, set against the backdrop of yesterday's unexpectedly steep interest rate cut by the central bank, shows the central government has reached a widely-expected consensus on how to bail out an economy that risks slowing to as low as 7 percent growth in the fourth quarter. Just a year ago, it was soaring at nearly 12 percent, high enough to stir fear about overheating.