China is set to unleash trillions of yuan of fiscal stimulus to revive an econom...
BEIJING - 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 four policy sources.
Chinese leaders are considering proposals from advisers to cut it to as low as 5% from the original target of around 6% agreed in December, they added. “When the economy is suffering a big shock, it’s necessary to step up fiscal policy support given that monetary policy will have limited effectiveness,” a policy source said.
The central bank could, meanwhile, cut banks’ reserve requirement ratios and interest rates further to help spur lending and lower funding costs for firms, the policy sources said.
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