China’s $585 billion spending package is equivalent to the U.S. spending nearly $3 trillion in fiscal stimulus. Massive? You bet it is! Inflationary? Absolutely! A boost to the entire global economy? YES! -- LarryChina unveils stimulus package as growth slowsProgram will spend more than $585 billion to jump-start economyNovember 10, 2008 (MarketWatch) -- China unveiled on Sunday what it described as a "massive" economic stimulus package in an effort to reverse slowing economic growth in the world's most populous country.China's state-run news agency, Xinhua, said that the program will "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."The package is valued at about 4 trillion yuan ($586 billion), to be spent over the next two years.Resource stocks on fire as