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China ramps up spending to spur economy

China ramps up spending to spur economy, central bank sees stable policy

BEIJING: China's central bank said on Wednesday it will keep monetary policy steady in 2014, even as the finance ministry said fiscal spending had surged nearly 25 percent in May from a year earlier, highlighting government efforts to energize the slowing economy. Total fiscal spending in May rose to 1.3 trillion yuan ($208.75 billion), quickening sharply from a 9.6 percent rise in the first four months of the year. The higher spending comes as the world's second-biggest economy got off to a soft start to the year, growing…