World stocks mixed as China stimulus hopes fade

HONG KONG (AP) — Asian stock markets were mixed Thursday after China promised to support growth and create jobs — but stopped short of major new stimulus measures to bolster the world's third-largest economy. European markets opened down.

Chinese Premier Wen Jiabao said the government's 4 trillion yuan ($586 billion) stimulus plan, announced in November, would help the country achieve 8 percent growth this year. That rate is seen as critical to creating jobs and staving off social unrest as the worst global economic crisis in generations hits Chinese exports.

As the government boosts money for infrastructure, social programs and tax cuts, the country's budget deficit will surge to its highest level in six decades, Wen said at China's annual legislative session in Beijing.

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SOURCE: Associated press/Google news