China ? China unveiled a $586 billion stimulus package Sunday 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. The statement did not say how much of the spending is on new projects and how much is for ventures already in the pipeline that will be sped up.