China plans to increase fiscal spending to battle coronavirus woes

The news is crossing the wires via Bloomberg that China is planning to raise fiscal spending to boost employment and help contain the economic fallout from the coronavirus outbreak. 

The dragon nation is planning to raise the fiscal deficit target to 3.6% of gross domestic product (GDP) from the previous year's 2.8%. 

Other key points

China aims to add over 9 million urban jobs in 2020, targeting surveyed jobless rate of about 6%.

China to sell 1 trillion yuan of anti-virus government bonds in 2020.

China plans 3.75 trillion yuan of special local government bonds in 2020, vows to prioritize employment among 2020 targets.