China plans stimulus package

China on Sunday unveiled a $586 billion stimulus package in its biggest move to inoculate the world’s fourth-largest economy against the global financial crisis.

Chinese and Japanese stocks soared today in early trading after the government’s announcement. The Cabinet approved the plan to invest money in infrastructure and social welfare by the end of 2010, a statement on the government’s Web site said.

Some of the money will come from the private sector.

China’s economic growth slowed to 9 percent in the third quarter, the lowest level in five years and a sharp decline from last year’s 11.9 percent.

COLOMBO, Sri Lanka

Rebels say they want cease-fire

Tamil Tiger rebels are ready to consider a cease-fire with government forces who have boosted offensives in a bid to crush the militants’ separatist campaign, a rebel leader was quoted as saying Sunday on a pro-rebel Web site.

Balasingham Nadesan, the head of the rebels’ political wing, said the militants are fighting a defensive war forced upon them by the government.

“There is no hesitation on our side to reiterate our position that we have always wanted a cease-fire,” Nadesan was quoted as saying.

Government officials could not be immediately contacted for comment. However, President Mahinda Rajapaksa last week warned that the rebels would be destroyed unless they surrender.

BAGHDAD

Bombings kill 8 across Iraq

Bombs killed at least eight people Sunday across Iraq and wounded dozens of others, officials said. Syria’s president blamed U.S. military presence for Iraq’s instability and called on U.S. troops to leave.

The violence comes two months after the U.S. handed control of Anbar province over to the Iraqis and as Prime Minister Nouri al-Maliki is studying the U.S. response to the government’s request for changes in a draft security agreement that would keep U.S. troops there through 2011.

The draft agreement has drawn sharp criticism from Iran. Tehran’s closest Arab ally, Syria, lashed out against the pact Sunday.

Syrian President Bashar Assad said U.S. troops contribute to regional instability and should leave Iraq as soon as possible.