China’s plan to ramp up spending to support the economy is meeting an inevitable challenge: a slump in income due to the pandemic-induced downturn. Most major income sources will shrink in 2020, the government estimates. With the decline in revenue being compounded by tax breaks offered to help firms survive, Beijing is already planning to issue over 70% more in bonds this year to plug that gap and meet stimulus needs. Actual income can turn out better or worse than expected -- 2019’s general revenue came in weaker than estimated while land sales were much better than forecast. The outcome will determine the pot of ... (full story)