William Harrris's List: China

• Banks have extended a stunning 4.58 trillion yuan, or about $670 billion, of new loans in the first three months of the year, according to data published Saturday -- nearly as much as the 4.9 trillion yuan issued in all of 2008
• But the vestiges of China's command economy have also proved useful.
• "China is unusual in that it has this incredible capacity to mobilize all its institutions," said Vikram Nehru, the World Bank's chief economist for Asia. The government's ability to direct bank lending and investment spending has meant its stimulus efforts have worked faster than many initially expected. "There is now a growing degree of confidence that the stimulus package is having an impact," he added.

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