China boosts budget deficit target to ‘around 4%’ of gross domestic product in a rare move

Key Points

The new deficit plan, which is up from 3% last year, comes amid an escalating trade war with U.S. President Donald Trump’s administration.
An increase to 4% of GDP had been widely expected. It marks the highest fiscal deficit on record going back to 2010, according to data accessed via Wind Information. The prior high was 3.6% in 2020, the data showed.

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