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China to make new fiscal push to fight coronavirus slowdown

Leadership eyes higher deficit ratio and first special bond issuance in 13 years

The Lujiazui financial district in Shanghai. China plans even more fiscal spending to boost the economy.   © Reuters

BEIJING -- China will ramp up fiscal efforts to aid the ailing global economy that has been buffeted by the coronavirus pandemic, setting a higher threshold for deficit spending and issuing a special type of bond last seen 13 years ago.

The Communist Party Politburo discussed adjusting macroeconomic policy at a Friday meeting, the state-run Xinhua News Agency reported, a day after leaders of Group of 20 nations pledged $5 trillion to boost the global economy over fears of a worldwide recession.

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