In most countries, 9% GDP growth is a galloping rate. For China, however, this figure marks a 7-year low, and has prompted acute concerns about social stability. The country's leadership has responded with a stimulus plan that will change the world.
Based on the targets of this spending -- roads, railroads, ports, etc. -- I agree with my colleague Chris Barker that this action relights the torch for commodities. Chris pointed to CNOOC
A CNOOC representative today revealed a plan to invest $29 billion in the South China Sea through 2020. This is one of the world's most prospective deepwater basins, and the statement sends a strong signal about China's commitment to investing in oil for the long haul. This is reassuring in a period of plunging crude prices, and jives with some other major oil players showing signs of life upstream.
I've eyed CNOOC's deepwater prospects before, and Petrobras
Of course, a host of oilfield servicers stands to benefit as well. Atwood Oceanics