Reuters exclusively reported that China is set to unleash trillions of yuan of fiscal stimulus to revive an economy expected to shrink for the first time in four decades amid the coronavirus pandemic, while a planned growth target is likely to be cut. According to Reuters sources, the ramped-up spending will aim to spur infrastructure investment, backed by as much as 2.8 trillion yuan ($394 billion) of local government special bonds, and the national budget deficit ratio could rise to record levels. Beijing is also likely to have to lower its economic growth target for 2020 given the prolonged impact of the pandemic.
Reuters reveals China to ramp up spending to revive economy, could cut growth target
19 March 2020, 12:00 am 1 minute