When a significant economy like China's faces an outlook of an evident slowdown, an economist's common-sense response would be to ram up the magnitude of fiscal stimulus, and simultaneously cut taxes and fees for the middle class so they will have more in their pockets to shop and activate domestic spending. The Ministry of Finance, authorized by the Standing Committee of the National People's Congress (NPC), the country's top lawmaker, has approved China's provinces and cities to promptly sell special local-government bonds worth 1 trillion yuan ($142 billion), and the proceeds will be rushed to gear up ... (full story)