China pledges to step up policies to boost economy after first GDP contraction on record

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China will step up macroeconomic policies to offset the impact of the coronavirus pandemic as its economy faces unprecedented challenges, said the Politburo, the top decision-making body of the ruling Communist Party, after a meeting chaired by President Xi Jinping on Friday.

China will make prudent monetary policy more flexible and proactive fiscal policy more active and effective, according to the statement after the meeting.

The government will raise fiscal deficit ratio, issue special treasury bonds for epidemic control and make investment more effective, according the the statement.

Meanwhile, it will use . . .

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