China's newly announced US$586 billion fiscal stimulus package, which targets spending in 10 target areas, including roads and education, over two years could be smaller than it initially appeared, the Financial Times reported. Arthur Kroeber, a member of research firm Dragonomics, estimated the actual extra investment in the package as being just one-third of the official number at US$191 billion, equivalent to about 2% of China's annual GDP each year. Much of the money in the plan is already allocated to projects in roads, rail, health, education and rural areas rather than being new unannounced funds. The package was unveiled with few details ahead of President Hu Jintao’s attendance at the G-20 summit on global financial reform in Washington at the end of this week.