China’s top leaders pledged to raise the fiscal deficit and sell special sovereign bonds to counter the economic fallout from the coronavirus. China will raise its fiscal deficit as a share of gross domestic product, issue special sovereign debt and allow local governments to sell more infrastructure bonds as part of a stimulus package to stabilize the economy, according to a Politburo meeting on Wednesday, Xinhua reported late Friday. No other details of the fiscal stimulus were given in the report. China hasn’t released its budget for 2020 because the health crisis has delayed a key political meeting. The ratio ... (full story)