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China’s all-out action plan could gather pace in 2-4 weeks with fiscal loosening: analysts | South China Morning Post
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type="application/ld+json">{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","item":{"@id":"https://www.scmp.com/economy","name":"Economy"},"position":1},{"@type":"ListItem","item":{"@id":"https://www.scmp.com/economy/policy","name":"Policy"},"position":2}]}</script><script type="application/ld+json">{"@context":"https://schema.org","@id":"https://www.scmp.com/economy/policy/article/3280072/chinas-all-out-action-plan-could-gather-pace-2-4-weeks-fiscal-loosening-analysts","@type":"WebPage"}</script><script type="application/ld+json">{"@context":"https://schema.org","@type":["NewsArticle","ReportageNewsArticle"],"alternativeHeadline":"China’s all-out action plan could gather pace with fiscal loosening: analysts","articleBody":"Expectations are high that China would follow this week’s wide-ranging stimulus package by selling at least 1 trillion yuan (US$142 billion) of special treasury bonds and by lifting its budget deficit ratio, possibly in the next two to four weeks, analysts said.\nTuesday’s raft of interest rate cuts and monetary policy easing were seen as part of stimulus efforts to help meet China’s “around 5 per cent” economic growth target.\nThe moves were followed up on Thursday as China’s leaders stressed the need to strengthen “countercyclical” adjustments of fiscal and monetary policy, according to a readout from a Politburo meeting chaired by President Xi Jinping.\nNecessary fiscal spending should be guaranteed, added the readout, which said that China would make good use of its ultra-long special treasury bonds and local government special bonds to support investment.\nAnd analysts believe China would need more fiscal power, given it is highly likely to suffer from a shortfall in its budget this year, with a property market crisis and local government debt woes having taken a toll on finances across many regions.\nLoose monetary policy still needs the support of loose fiscal policy\nZhang Ming, Chinese Academy of Social Sciences\nZhang Ming, deputy director of the Institute of Finance and Banking at the Chinese Academy of Social Sciences, said the central government should issue 1 trillion of special treasury bonds in the fourth quarter.\nHe added that between 4 trillion yuan and 5 trillion yuan of special treasury bonds should be issued in 2025, with some being used to purchase property in less developed regions to be converted into affordable housing.\n“Loose monetary policy still needs the support of loose fiscal policy,” Zhang said in a blog post on his WeChat social media account Thursday, adding that fiscal expansion must be implemented “as soon as possible”.\nBut if additional policy support is not implemented, Zhang added, China’s gross domestic product growth would fall back to around 4 to 4.5 per cent in 2025, with the downward pressure on overall prices set to persist.\n\n\nThe Ministry of Finance said last week that China’s fiscal revenue in the first eight months of 2024 had fallen by 2.6 per cent from a year earlier, but that fiscal expenditure had grown by 1.5 per cent.\nAnalysts at Tianfeng Securities believed the central government might consider selling at least 2 trillion yuan of additional treasury bonds, while also lifting its fiscal deficit target of 3 per cent of GDP to make up for this year’s budget shortfall.\nChina’s budget deficit could be around 3.1 trillion yuan, representing an increase of 2.3 trillion yuan from 2023, they estimated.\nIn October last year, the central government had taken the rare decision to issue 1 trillion yuan worth of additional treasury bonds.\nThe move lifted China’s official fiscal deficit ratio for 2023 to 3.8 per cent of GDP, above the 3 per cent ceiling the government had set earlier in the year.\nIt cannot be ruled out that to achieve the year-end economic growth [target], special treasury bonds or special purpose bonds quota from next year will be brought forward\nTianfeng Securities\nThe funds were allocated to local governments to support post-disaster recovery and reconstruction.\n“In addition, it cannot be ruled out that to achieve the year-end economic growth [target], special treasury bonds or special purpose bonds quotas from next year will be brought forward,” Tianfeng Securities said on Tuesday.\nBank of America expected a fiscal package, which could potentially include measures to boost demand and investment, as well as further enhancement of social security, healthcare and childbirth, to come in the next two to four weeks.\nThe timing would be closer to the next meeting of China’s top legislative body, the National People’s Congress Standing Committee, that is scheduled in the second half of October, the US bank said on Wednesday.\nBut a large fiscal stimulus plan still might not fix China’s economic problems, which emanate from weak confidence in the public and private sectors, Bank of America added.\n“If people only see downside risks but not upside risks, households and businesses are too cautious to work on productivity gains, innovation, or risk-taking, while local governments resort to performative actions without addressing the real problem in the economy,” the US bank said.\n","articleSection":"Policy","author":{"@type":"Person","name":"Amanda Lee","sameAs":"https://www.scmp.com/author/amanda-lee"},"dateCreated":"2024-09-26T17:45:31+08:00","dateModified":"2024-09-27T11:25:23+08:00","datePublished":"2024-09-27T10:00:16+08:00","description":"Expectations are high that China would follow this week’s wide-ranging stimulus package by selling at least 1 trillion yuan (US$142 billion) of special treasury bonds and by lifting its budget deficit ratio, possibly in the next two to four weeks, analysts said.","genre":"Economy","hasPart":{"@type":"WebPageElement","cssSelector":".paywalled-content","isAccessibleForFree":"False"},"headline":"China’s all-out action plan could gather pace in 2-4 weeks with fiscal loosening: 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data-qa="BaseLink-renderAnchor-StyledAnchor">China's economic recovery</a></div><div class=" er6t7fe20 css-1xdhyk6 e1047c925" data-qa="ArticleSections-SectionContainer"><a target="_self" class="e1047c923 css-1b6i0hn e1llv60l0" href="/economy?module=breadcrumb&pgtype=article" data-qa="BaseLink-renderAnchor-StyledAnchor"><span>Economy</span><span data-qa="ArticleSections-render-SectionTagsSpacer" class="css-176a798 e1047c920"></span></a><a target="_self" class="e1047c923 css-1b6i0hn e1llv60l0" href="/economy/policy?module=breadcrumb&pgtype=article" data-qa="BaseLink-renderAnchor-StyledAnchor"><span>Policy</span></a></div></div><div data-qa="GenericArticle-Headline" class="css-hdf8vf ea45u6l21"><h1 class="er6t7fe5 css-1u8qly9 e298i0d3" data-qa="ContentHeadline-ContainerWithTag"><span data-qa="ContentHeadline-Headline" class="css-0 e298i0d2">China’s all-out action plan could gather pace in 2-4 weeks with fiscal loosening: analysts</span></h1></div><div data-qa="GenericArticle-SubHeadline" 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operator="out"></feComposite><feColorMatrix type="matrix" values="0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.25 0"></feColorMatrix><feBlend mode="normal" in2="BackgroundImageFix" result="effect1_dropShadow_971_51319"></feBlend><feBlend mode="normal" in="SourceGraphic" in2="effect1_dropShadow_971_51319" result="shape"></feBlend></filter></defs></svg></figure></div></div><div data-qa="GenericArticle-ContentContainer" class="css-wvfhp ea45u6l28"><div data-qa="GenericArticle-Author" class="css-plhgzi ea45u6l15"><div data-qa="AuthorNames-AuthorNamesContainer" class=" er6t7fe31 css-1fl3ncg eybiz6w3"><a target="_self" class="e163ld431 css-uvyeg2 e1llv60l0" href="/author/amanda-lee" data-qa="BaseLink-renderAnchor-StyledAnchor">Amanda Lee</a></div></div><div data-qa="GenericArticle-PublishDateTime" class="css-mbzp8v ea45u6l14"><div class=" er6t7fe27 css-1qbx4v2 efakuk42" data-qa="Article20Date-Container"><time dateTime="2024-09-27T02:00:16.000Z" data-qa="Article20Date-PublishedDate" class="css-0 efakuk41">Published: <!-- -->10:00am, 27 Sep 2024</time><time dateTime="2024-09-27T03:25:23.000Z" data-qa="Article20Date-UpdatedDate" class="css-m6ip7c efakuk40">Updated: <!-- -->11:25am, 27 Sep 2024</time></div></div><div data-qa="GenericArticle-Correction" class="css-1ou8zht ea45u6l11"></div><div data-qa="GenericArticle-Content" class="css-1u2o0u6 ea45u6l10"><section class="er6t7fe37 css-19sk4h4 e1pqt1t0" data-qa="ContentBody-ContentBodyContainer"><div class="js-reading-0-percent-completion-tracker css-19icq8a ekyy9du0" data-qa="useTrackViewedPercentageRender-trackViewedPercentageRenders-TrackPercentageBlock"></div><p datatype="p" data-qa="Component-Component" class="e8zc9q40 css-1c6uqr6 ec74h0k1">Expectations are high that China would follow this week’s wide-ranging stimulus package by selling at least 1 trillion yuan (US$142 billion) of special treasury bonds and by lifting its budget deficit ratio, possibly in the next two to four weeks, analysts said.</p><div data-qa="InlineAdSlot-Container" class=" css-zl1inp e11v3ui14"><div class="e11v3ui10 e11v3ui13 css-y2bwcc e1flwkbl0" data-qa="AdSlot-Container"><div data-qa="AdSlot-Label" class="css-1t8iakn e1flwkbl3">Advertisement</div><div data-qa="AdSlot-AdSlotContainer" class="css-0 e1flwkbl2"></div></div></div><div datatype="p" data-qa="Component-Component" class="e8zc9q40 css-1xdhyk6 ec74h0k0">Tuesday’s raft of interest rate cuts and monetary policy easing were seen as <a target="_self" class="e1yy41x40 ef9u0v01 css-1ankfgb e1llv60l0" href="https://www.scmp.com/economy/policy/article/3279681/china-cut-rates-reserve-ratio-support-economy?module=top_story&pgtype=section?module=inline&pgtype=article?module=inline&pgtype=article" data-qa="BaseLink-renderAnchor-StyledAnchor"><span data-qa="Component-Text" class="css-0 ef9u0v00">part of stimulus efforts</span></a> to help meet China’s “around 5 per cent” economic growth target.</div><div datatype="p" data-qa="Component-Component" class="e8zc9q40 css-1xdhyk6 ec74h0k0">The moves were followed up on Thursday as China’s leaders stressed the need to strengthen “countercyclical” adjustments of fiscal and monetary policy, <a target="_self" class="e1yy41x40 ef9u0v01 css-1ankfgb e1llv60l0" href="https://www.scmp.com/economy/article/3280018/china-vows-save-private-economy-stabilise-real-estate-market-politburo-meeting?module=top_story&pgtype=section?module=inline&pgtype=article" data-qa="BaseLink-renderAnchor-StyledAnchor"><span data-qa="Component-Text" class="css-0 ef9u0v00">according to a readout from a Politburo meeting</span></a> chaired by President Xi Jinping.</div><div class="js-reading-20-percent-completion-tracker css-19icq8a ekyy9du0" data-qa="useTrackViewedPercentageRender-trackViewedPercentageRenders-TrackPercentageBlock"></div><p datatype="p" data-qa="Component-Component" class="e8zc9q40 css-1c6uqr6 ec74h0k1">Necessary fiscal spending should be guaranteed, added the readout, which said that China would make good use of its ultra-long special treasury bonds and local government special bonds to support investment.</p><p datatype="p" data-qa="Component-Component" class="e8zc9q40 css-1c6uqr6 ec74h0k1">And analysts believe China would need more fiscal power, given it is highly likely to suffer from a shortfall in its budget this year, with a property market crisis and local government debt woes having taken a toll on finances across many regions.</p><figure data-qa="Component-StyledFigure" class="css-37tcs e1t6i3s46"><svg width="42" height="29" viewBox="0 0 42 29" fill="none" xmlns="http://www.w3.org/2000/svg" data-qa="Component-StyledQuoteIcon" class="css-0 e1t6i3s47"><path fill-rule="evenodd" clip-rule="evenodd" d="M-0.000289917 9.38348L4.75373 4.78444L9.42532 0.104248V9.38348H18.9334L18.9334 28.1042H-0.000289917V9.38348ZM22.457 9.38332L27.1301 4.78428L31.8826 0.104086L31.8826 9.38332H41.3906V28.1041L22.457 28.1041L22.457 9.38332Z" fill="black"></path></svg><blockquote data-qa="Component-StyledBlockquote" class="css-39snvg e1t6i3s45">Loose monetary policy still needs the support of loose fiscal policy</blockquote><div data-qa="Component-StyledFigcaptionContainer" class="css-1yupmj4 e1t6i3s44"><div data-qa="Component-StyledFigcaptionIcon" class="css-xd3tjd e1t6i3s43"></div><figcaption data-qa="Component-StyledFigcaption" class="css-1q9qn8v e1t6i3s42">Zhang Ming, Chinese Academy of Social Sciences</figcaption></div></figure><p datatype="p" data-qa="Component-Component" class="e8zc9q40 css-1c6uqr6 ec74h0k1">Zhang Ming, deputy director of the Institute of Finance and Banking at the Chinese Academy of Social Sciences, said the central government should issue 1 trillion of special treasury bonds in the fourth quarter.</p></section></div><div data-qa="GenericArticle-PaywallContainer" class="css-1kfpym9 ea45u6l1"><div class="er6t7fe22 piano-metering__paywall-container css-1e938sv e1x97qwg1" data-qa="ArticlePaywallContainer-Container"><div data-qa="ArticlePaywallContainer-LoadingContainer" 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styleMoreOnThisArticles: moreOnThisArticles {\n ...entityLink\n ...magazinesStyleArticleMoreOnThisContentItemContent\n entityId\n id\n }\n}\n\nfragment articleMoreStoriesArticle on Article {\n moreOnThisArticles {\n entityId\n ...articleMoreStoriesItemArticle\n id\n }\n}\n\nfragment articleMoreStoriesItemArticle on Article {\n ...entityLink\n headline\n socialHeadline\n sections {\n value {\n name\n urlAlias\n id\n }\n }\n images {\n url\n size768x768: style(filter: {style: \"768x768\"}) {\n url\n }\n }\n}\n\nfragment articlePaginationCheckerArticle on Article {\n ...helpersCheckIsPostiesArticle\n ...helpersGetArticleTypeArticle\n}\n\nfragment articlePaginationNavigationHistoryArticle_3o8td4 on Article {\n entityId\n urlAlias\n ...hooksTrackCurrentItemBase_3o8td4\n}\n\nfragment articlePaywallCheckerContent on Content {\n __isContent: __typename\n ...hooksPaywallPromiseContent\n}\n\nfragment articlePaywallContainerArticle on Article {\n entityId\n}\n\nfragment articlePrintArticle on Article {\n ...contentShareWidgetContent\n}\n\nfragment articlePrintHeadlineMessageArticle on Article {\n printHeadline\n}\n\nfragment articleReactionArticle on Article {\n entityId\n sections {\n value {\n name\n ...helpersCheckIfNewsSectionInFirstIndexSection\n id\n }\n }\n ...hooksArticleReactionUtilsArticle\n}\n\nfragment articleReadingTimeContent on Content {\n __isContent: __typename\n readingTime\n}\n\nfragment articleRecommendationArticle on Article {\n ...helpersCheckIsStyleArticle\n entityId\n moreOnThisArticles {\n ...helpersCheckIsStyleArticle\n entityId\n paywallTypes {\n entityId\n id\n }\n publishedDate\n sections {\n value {\n entityId\n id\n }\n }\n types {\n value {\n entityId\n id\n }\n }\n urlAlias\n urlRedirect {\n toUrl\n id\n }\n id\n }\n}\n\nfragment articleRenderArticle_3o8td4 on Article {\n entityId\n ...articleActionWidgetArticle\n ...articleAdditionalInfoBoxArticleContent\n ...articleAuthorBlockArticle\n ...articleAuthorDetailsContent\n ...articleBaseAdvertisingInfoArticle\n ...articleBeforeYouGoTopicsContent\n ...articleBeforeYouGoWidget\n ...articleCommentsTriggerArticle\n ...articleCorrectionsWidgetArticle\n ...articleDateContent\n ...articleFurtherReadingWidgetArticle\n ...articleImageGalleryContent\n ...articleLeadingArticle\n ...articleMoreOnThisListArticle\n ...articlePaywallContainerArticle\n ...articlePrintHeadlineMessageArticle\n ...articleReactionArticle\n ...articleReadingTimeContent\n ...articleSectionsContent\n ...articleSeriesArticle\n ...articleShareWidgetArticle\n ...articleSpeechInlineWidgetArticle\n ...articleSpeechPlayerPortalArticle\n ...articleSponsorContent\n ...articleTopicContent\n ...articleTopicFollowWidgetArticle\n ...articleTopicsContent\n ...articleTopicWidgetArticle\n ...articleVocabBoxArticle\n ...authorAvatarsArticle\n ...authorNamesArticle\n ...contentBodyContent_3o8td4\n ...contentHeadlineContent\n ...contentLiveTagContent\n ...contentReadMoreButtonContent\n ...contentSchemaRenderContent\n ...contentSubHeadlineContent\n ...contentSummaryContent\n ...genericArticleArticle\n ...globalCheckerContent\n ...helpersCheckArticleRenderTypeArticle\n ...helpersGetArticleTypeArticle\n ...hooksPostiesArticleArticle_3o8td4\n ...infographicArticleArticle\n ...liveArticleArticle\n ...morningStudioArticleContent\n ...newsletterArticleArticle\n ...pianoIntegrationArticle\n ...plusColumnsArticleContent\n ...plusGenericArticleContent\n ...seriesArticleArticle\n ...styleArticleContent\n ...contentActionBarContent\n}\n\nfragment articleSchemaContent_mN6kk on Query {\n article(filter: {entityId: $entityId}) {\n ...hooksContentHeadlineTagContent\n authorLocations\n contentLock\n createdDate\n headline\n publishedDate\n socialHeadline\n sponsorType\n updatedDate\n urlAlias\n authors {\n location\n name\n types\n urlAlias\n id\n }\n body(customContents: $customContents, type: $bodyType) {\n json\n text\n }\n corrections {\n correction {\n text\n }\n timestamp\n }\n images {\n isSlideshow\n height\n width\n url\n }\n sections {\n value {\n name\n id\n }\n }\n types {\n value {\n name\n id\n }\n }\n id\n }\n ...liveBlogPostingLiveArticles_2w8PNF\n}\n\nfragment articleSectionsContent on Content {\n __isContent: __typename\n sections {\n value {\n ...helpersCheckIfNewsSectionInFirstIndexSection\n ...entityLink\n name\n id\n }\n }\n}\n\nfragment articleSeoArticle_3o8td4 on Article {\n ...hooksArticleSeoArticle\n ...helpersCheckIsPostiesArticle\n entityId\n publishedDate\n updatedDate\n summary {\n text\n }\n subHeadline {\n text\n }\n body(customContents: $customContents, type: $bodyType) {\n text\n }\n keywords\n sections {\n value {\n name\n id\n }\n }\n topics {\n name\n entityId\n id\n }\n urlAlias\n authors {\n name\n id\n }\n images {\n style(filter: {style: \"768x768\"}) {\n url\n }\n }\n}\n\nfragment articleSeriesArticle on Article {\n seriesContainer {\n entityId\n id\n }\n ...inlineArticleSeriesInlineArticle\n ...carouselArticleSeriesCarouselArticle\n}\n\nfragment articleSeriesCarouselContent on Content {\n __isContent: __typename\n entityId\n ... on Article {\n seriesContainer {\n series {\n __typename\n ... on Content {\n __isContent: __typename\n entityId\n }\n ... on Node {\n __isNode: __typename\n id\n }\n }\n id\n }\n }\n ...entityLink\n ...hooksContentItemProvidersContent_3n3tyT\n}\n\nfragment articleShareWidgetArticle on Article {\n ...contentShareWidgetContent\n ...articleCommentsTriggerArticle\n ...articleSpeechInlineWidgetArticle\n}\n\nfragment articleSpeechInlineWidgetArticle on Article {\n entityId\n ...genericArticleSpeechInlineWidgetGenericArticle\n}\n\nfragment articleSpeechPlayerPortalArticle on Article {\n entityId\n ...articleSpeechInlineWidgetArticle\n}\n\nfragment articleSponsorContent on Article {\n topics {\n entityId\n sponsor {\n description {\n json\n }\n ...sponsorTagSponsor\n id\n }\n id\n }\n ...helpersUseContentSponsorContent\n ...helpersCheckIsMainTopicContent\n ...contentSchemaRenderContent\n}\n\nfragment articleTitleArticle on Article {\n types {\n value {\n name\n id\n }\n }\n authors {\n name\n id\n }\n}\n\nfragment articleTopicContent on Content {\n __isContent: __typename\n topics {\n ...topicLinkTopic\n id\n }\n}\n\nfragment articleTopicFollowWidgetArticle on Article {\n topics {\n ...topicLinkTopic\n ...entityFollowButtonBase\n disableFollow\n entityId\n name\n entityUuid\n id\n }\n}\n\nfragment articleTopicWidgetArticle on Article {\n entityId\n sponsorType\n firstTopic {\n ...entityLink\n ...followButtonBase\n name\n disableFollow\n contents(first: 4, orderBy: {field: PUBLISHED_DATE, direction: DESC}) {\n edges {\n node {\n __typename\n entityId\n ...articleWidgetContent\n id\n }\n }\n }\n id\n }\n}\n\nfragment articleTopicsContent on Content {\n __isContent: __typename\n topics {\n ...topicLinkTopic\n ...entityFollowButtonBase\n entityId\n entityUuid\n name\n id\n }\n}\n\nfragment articleVocabBoxArticle on Article {\n glossary {\n term\n translation\n description {\n json\n }\n }\n ...contentSchemaRenderContent\n}\n\nfragment articleWidgetContent on Content {\n __isContent: __typename\n entityId\n urlAlias\n ... on Article {\n sponsorType\n }\n ...entityLink\n ...hooksContentItemProvidersContent_2aLOLQ\n}\n\nfragment atomsCurrentArticleAtomBase_3o8td4 on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ... on Article {\n ...articleSeoArticle_3o8td4\n ...contentShareWidgetContent\n ...headerContentBookmarkArticle\n ...headerContentCommentTrigger\n ...helpersCheckIsStyleArticle\n ...helpersUseSharingUrl\n ...articleShareWidgetArticle\n ...hooksTrackPageViewArticle\n ...hooksContentInterestArticle\n ...hooksUseCurrentArticleIdsArticle\n ...hooksUseNotificationReadStatusArticle\n ...onboardingNewsletterSubscriptionArticle\n }\n}\n\nfragment atomsCurrentNotificationSectionAtomBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ... on Section {\n fullSectionPath {\n ...hooksUseNotificationsSection\n id\n }\n }\n ... on Article {\n sections {\n value {\n ...hooksUseNotificationsSection\n id\n }\n }\n }\n}\n\nfragment atomsCurrentStyleCardCarouselWidgetSectionsAtomBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ... on Article {\n sections {\n value {\n entityId\n name\n id\n }\n }\n }\n ... on Section {\n fullSectionPath {\n entityId\n name\n id\n }\n }\n}\n\nfragment atomsCurrentTakeoverAdSectionsAtomBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ... on Article {\n sections {\n value {\n entityId\n id\n }\n }\n }\n ... on Section {\n fullSectionPath {\n entityId\n id\n }\n }\n}\n\nfragment authorAvatarAuthor on Author {\n ...entityLink\n entityId\n entityUuid\n name\n types\n image(filter: {type: AUTHOR_IMAGE}) {\n style(filter: {style: \"300x300\"}) {\n url\n }\n }\n}\n\nfragment authorAvatarsArticle on Article {\n authors {\n entityId\n ...authorAvatarAuthor\n ...entityFollowButtonBase\n id\n }\n}\n\nfragment authorBioAuthor on Author {\n bio\n}\n\nfragment authorCardAuthor on Author {\n ...styleAuthorCardAuthor\n ...defaultAuthorCardAuthor\n ...plusAuthorCardAuthor\n}\n\nfragment authorNameAuthor on Author {\n ...entityLink\n name\n entityUuid\n}\n\nfragment authorNamesArticle on Article {\n authorLocations\n authors {\n entityId\n location\n ...authorNameAuthor\n id\n }\n}\n\nfragment authorRoleAuthor on Author {\n role {\n text\n }\n}\n\nfragment authorSocialLinksAuthor on Author {\n socialLinks {\n class\n title\n url\n }\n}\n\nfragment beforeYouGoActionWidgetContent on Content {\n __isContent: __typename\n ...shareArticle20Content\n ...articleShareWidgetArticle\n entityId\n urlAlias\n shortUrl\n headline\n socialHeadline\n}\n\nfragment blockquoteQuoteContent on Content {\n __isContent: __typename\n ...contentShareWidgetContent\n}\n\nfragment blockquoteQuoteGenericPostiesArticleContent on Content {\n __isContent: __typename\n ...contentShareWidgetContent\n}\n\nfragment blockquoteQuotePlusGenericArticleContent on Content {\n __isContent: __typename\n ...contentShareWidgetContent\n}\n\nfragment breadcrumbNewsletterArticleArticle on Article {\n types {\n value {\n name\n id\n }\n }\n}\n\nfragment buttonArticleSpeechInlineWidgetGenericButtonArticle on Article {\n entityId\n socialHeadline\n headline\n}\n\nfragment carouselArticleSeriesCarouselArticle on Article {\n entityId\n seriesContainer {\n entityId\n headline\n socialHeadline\n urlAlias\n series {\n __typename\n ... on Content {\n __isContent: __typename\n entityId\n urlAlias\n ...articleSeriesCarouselContent\n }\n ... on Node {\n __isNode: __typename\n id\n }\n }\n ...entityLink\n id\n }\n}\n\nfragment checkersCheckContentContainsStarlingImageContent on Content {\n __isContent: __typename\n topics {\n entityId\n id\n }\n}\n\nfragment contentActionBarContent on Content {\n __isContent: __typename\n entityId\n createdDate\n updatedDate\n publishedDate\n ...articleCommentArticle\n ... on Article {\n hasVideoContent\n }\n}\n\nfragment contentBodyContent_3o8td4 on Content {\n __isContent: __typename\n entityId\n body(customContents: $customContents, type: $bodyType) {\n json\n }\n ...contentSchemaRenderContent\n}\n\nfragment contentCoverImageContent_1OCN1a on Content {\n __isContent: __typename\n images {\n url\n title\n type\n size768x768: style(filter: {style: \"768x768\"}) {\n url\n }\n }\n}\n\nfragment contentCoverImageContent_3ndUvy on Content {\n __isContent: __typename\n images {\n url\n title\n type\n size540x360: style(filter: {style: \"540x360\"}) {\n url\n }\n }\n}\n\nfragment contentCoverImageContent_4isNar on Content {\n __isContent: __typename\n images {\n url\n title\n type\n landscape250x99: style(filter: {style: \"landscape_250_99\"}) {\n url\n }\n size540x360: style(filter: {style: \"540x360\"}) {\n url\n }\n }\n}\n\nfragment contentCoverImageContent_D9JlW on Content {\n __isContent: __typename\n images {\n url\n title\n type\n size80x80: style(filter: {style: \"80x80\"}) {\n url\n }\n }\n}\n\nfragment contentCoverVideoContent on Content {\n __isContent: __typename\n ... on Article {\n multimediaEmbed {\n json\n }\n ...contentSchemaRenderContent\n }\n}\n\nfragment contentHeadlineContent on Content {\n __isContent: __typename\n headline\n socialHeadline\n ...contentHeadlineTagContent\n ...helpersUseContentSponsorContent\n}\n\nfragment contentHeadlineTagContent on Content {\n __isContent: __typename\n ...hooksContentHeadlineTagContent\n}\n\nfragment contentLiveArticleArticle on Article {\n ...itemLiveArticleContentArticle\n}\n\nfragment contentLiveTagContent on Article {\n ...helpersCheckHasLiveTagArticle\n}\n\nfragment contentNewsletterArticleArticle on Article {\n entityId\n relatedLinks\n}\n\nfragment contentNewsletterWidgetContent on Content {\n __isContent: __typename\n topics {\n relatedNewsletters {\n ...helpersMassageToNewsletterItemNewsletter\n id\n }\n id\n }\n sections {\n value {\n relatedNewsletters {\n ...helpersMassageToNewsletterItemNewsletter\n id\n }\n id\n }\n }\n ... on Article {\n relatedNewsletters {\n ...helpersMassageToNewsletterItemNewsletter\n id\n }\n }\n}\n\nfragment contentPublishedDateContent on Content {\n __isContent: __typename\n publishedDate\n}\n\nfragment contentReadMoreButtonContent on Content {\n __isContent: __typename\n ...appButtonContent\n}\n\nfragment contentSchemaRenderContent on Content {\n __isContent: __typename\n ...blockquoteQuoteContent\n ...imageContent\n ...inlineWidgetContent\n ...photoGalleryWidgetContent\n ...scmpYoutubeContent\n}\n\nfragment contentShareWidgetContent on Content {\n __isContent: __typename\n entityId\n urlAlias\n shortUrl\n socialHeadline\n headline\n}\n\nfragment contentSponsorTagContent on Content {\n __isContent: __typename\n ...helpersUseContentSponsorContent\n}\n\nfragment contentSubHeadlineContent on Content {\n __isContent: __typename\n subHeadline {\n json\n }\n summary {\n json\n }\n ...contentSchemaRenderContent\n}\n\nfragment contentSummaryContent on Content {\n __isContent: __typename\n __typename\n summary {\n text\n }\n}\n\nfragment contentUpdatedDateContent on Content {\n __isContent: __typename\n updatedDate\n}\n\nfragment contextsArticleListContextProviderArticle on Article {\n entityId\n}\n\nfragment contextsContentReadMoreContextProviderContent on Content {\n __isContent: __typename\n ...helpersGetArticleTypeArticle\n ...helpersCheckIsStyleArticle\n ... on Article {\n sponsorType\n }\n}\n\nfragment copyLinkArticle20CopyLinkContent on Content {\n __isContent: __typename\n entityId\n urlAlias\n shortUrl\n headline\n socialHeadline\n}\n\nfragment defaultArticleDateContent on Content {\n __isContent: __typename\n ...hooksArticleDateUtilsContent\n}\n\nfragment defaultAuthorCardAuthor on Author {\n ...authorAvatarAuthor\n ...authorBioAuthor\n ...authorNameAuthor\n ...authorRoleAuthor\n ...entityFollowButtonBase\n ...followButtonBase\n}\n\nfragment entityFollowButtonBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ... on Section {\n entityId\n name\n }\n ... on Author {\n entityId\n name\n disableFollow\n }\n ... on Topic {\n entityId\n name\n disableFollow\n }\n}\n\nfragment entityLink on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n entityId\n entityUuid\n urlAlias\n urlRedirect {\n toUrl\n id\n }\n application {\n entityId\n id\n }\n ... on Section {\n fullSectionPath {\n entityId\n id\n }\n parentSection\n }\n ...helpersAppBarVariantBase\n ...helpersApplicationBase\n ...helpersCheckIsPlusArticle\n ...helpersStyleSectionContent\n}\n\nfragment factSheetLinkPlusGenericArticleContent on Article {\n entityId\n factSheets {\n url\n name\n }\n ...helpersGetArticleTypeArticle\n}\n\nfragment followButtonBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n ...entityFollowButtonBase\n entityId\n}\n\nfragment genericArticleArticle on Content {\n __isContent: __typename\n entityId\n flag\n sections {\n value {\n entityId\n id\n }\n }\n ...articleBaseAdvertisingInfoArticle\n ...contentNewsletterWidgetContent\n ...globalCheckerContent\n ...helpersGetArticleTypeArticle\n ...hooksContentHelperContent\n ...shareArticle20Content\n}\n\nfragment genericArticleSpeechInlineWidgetGenericArticle on Article {\n entityId\n ...buttonArticleSpeechInlineWidgetGenericButtonArticle\n ...hooksShowGenericInlineWidgetByArticleArticle\n ...toolTipArticleSpeechWidgetToolTipArticle\n}\n\nfragment genericPostiesArticleContent_3o8td4 on Article {\n sections {\n value {\n name\n urlAlias\n id\n }\n }\n authors {\n name\n id\n }\n publishedDate\n additionalInfoBoxes {\n ...articleAdditionalInfoBoxArticle\n }\n ...genericPostiesArticleVocabBoxArticle\n ...blockquoteQuoteGenericPostiesArticleContent\n ...articleBaseAdvertisingInfoArticle\n ...contentBodyContent_3o8td4\n}\n\nfragment genericPostiesArticleVocabBoxArticle on Article {\n glossary {\n term\n translation\n description {\n json\n }\n }\n ...contentSchemaRenderContent\n}\n\nfragment globalCheckerContent on Content {\n __isContent: __typename\n ...articlePaywallCheckerContent\n}\n\nfragment headerContentBookmarkArticle on Article {\n entityId\n}\n\nfragment headerContentCommentTrigger on Article {\n ...articleCommentsTriggerArticle\n}\n\nfragment headerMorningStudioArticle on Article {\n ...articleSponsorContent\n ...subheaderMorningStudioSubheaderContent\n headline\n coverDesktop: image(filter: {type: COVER}) {\n url\n }\n coverMobile: image(filter: {type: COVER_MOBILE}) {\n url\n }\n}\n\nfragment headerNewsletterArticleArticle on Article {\n headline\n ...issuesNewsletterArticleArticle\n ...breadcrumbNewsletterArticleArticle\n ...widgetNewsletterArticleArticle\n}\n\nfragment helpersAppBarVariantBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n ...helpersCheckIsLiveArticle\n ...helpersCheckIsPlusPage\n ...helpersCheckIsPostiesArticle\n ...helpersCheckIsPostiesPage\n ...helpersCheckIsPostMagazineArticle\n ...helpersCheckIsStyleArticle\n ...helpersSectionContent\n ...helpersStyleSectionContent\n}\n\nfragment helpersApplicationBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n ...helpersCheckIsPostiesArticle\n ...helpersCheckIsPostiesPage\n ...helpersCheckIsPlusPage\n}\n\nfragment helpersCheckArticleIsInSectionsArticle on Article {\n sections {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersCheckArticleRenderTypeArticle on Article {\n ...helpersCheckCanShowInPlusPlatformArticle\n ...helpersCheckIsPlusArticle\n ...helpersCheckIsPostiesArticle\n ...helpersCheckIsStyleArticle\n ...helpersGetArticleTypeArticle\n}\n\nfragment helpersCheckCanShowInPlusPlatformArticle on Article {\n ...helpersCheckArticleIsInSectionsArticle\n ...helpersCheckIsPlusArticle\n ...helpersCheckIsStyleArticle\n ...helpersGetArticleTypeArticle\n ...helpersUseContentSponsorContent\n}\n\nfragment helpersCheckHasLiveTagArticle on Article {\n flattenTypeIds\n liveArticle {\n status\n id\n }\n}\n\nfragment helpersCheckIfNewsSectionInFirstIndexSection on Section {\n name\n}\n\nfragment helpersCheckIsLiveArticle on Article {\n flattenTypeIds\n liveArticle {\n status\n id\n }\n}\n\nfragment helpersCheckIsMainTopicContent on Content {\n __isContent: __typename\n topics {\n entityId\n id\n }\n}\n\nfragment helpersCheckIsPlusArticle on Article {\n paywallTypes {\n entityUuid\n id\n }\n}\n\nfragment helpersCheckIsPlusPage on Page {\n urlAlias\n}\n\nfragment helpersCheckIsPostMagazineArticle on Article {\n sections {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersCheckIsPostiesArticle on Article {\n sections {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersCheckIsPostiesPage on Page {\n urlAlias\n}\n\nfragment helpersCheckIsStyleArticle on Article {\n sections {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersGetArticleTypeArticle on Article {\n types {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersIsArchiveWallArticle on Article {\n ...helpersIsVelocityWallArticle\n createdDate\n publishedDate\n paywallTypes {\n entityId\n id\n }\n}\n\nfragment helpersIsArticleVideoAsHeroArticle on Article {\n multimediaEmbed {\n json\n }\n}\n\nfragment helpersIsVelocityWallArticle on Article {\n paywallTypes {\n entityId\n id\n }\n}\n\nfragment helpersMassageToNewsletterItemNewsletter on Newsletter {\n entityId\n name\n alternativeName\n description {\n text\n }\n summary {\n text\n }\n homepageDescription {\n text\n }\n}\n\nfragment helpersSanitizeArticleTypeEntityIdsArticle on Article {\n types {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersSanitizeAuthorTypesArticle on Article {\n authors {\n types\n id\n }\n}\n\nfragment helpersSanitizedAuthorEntityIdsArticle on Article {\n authors {\n entityId\n id\n }\n}\n\nfragment helpersSectionContent on Section {\n fullSectionPath {\n entityId\n id\n }\n}\n\nfragment helpersStyleSectionContent on Section {\n fullSectionPath {\n entityId\n id\n }\n}\n\nfragment helpersUseContentSponsorContent on Content {\n __isContent: __typename\n topics {\n entityId\n sponsor {\n ...sponsorTagSponsor\n name\n type\n id\n }\n id\n }\n ... on Article {\n sponsorType\n }\n ...helpersCheckIsMainTopicContent\n}\n\nfragment helpersUseSharingUrl on Content {\n __isContent: __typename\n urlAlias\n}\n\nfragment hooksArticleAcknowledgementGateOverlayArticle on Article {\n entityId\n}\n\nfragment hooksArticleDateUtilsContent on Content {\n __isContent: __typename\n createdDate\n publishedDate\n updatedDate\n}\n\nfragment hooksArticleReactionUtilsArticle on Article {\n sections {\n value {\n entityId\n id\n }\n }\n topics {\n entityId\n id\n }\n entityId\n sponsorType\n}\n\nfragment hooksArticleSeoArticle on Article {\n ...helpersCheckIsPostiesArticle\n ...helpersCheckIsPostMagazineArticle\n ...helpersCheckIsPlusArticle\n ...hooksContentHeadlineTagContent\n entityId\n headline\n socialHeadline\n types {\n value {\n entityId\n id\n }\n }\n authors {\n entityId\n id\n }\n topics {\n sponsor {\n entityId\n id\n }\n id\n }\n sections {\n value {\n entityId\n id\n }\n }\n images {\n generic_og: style(filter: {style: \"og_image_scmp_generic\"}) {\n url\n }\n styles(filter: {styles: [\"og_image_posties_article\", \"og_postmag\", \"og_image_scmp_analysis\", \"og_image_scmp_explainer\", \"og_image_scmp_editorial\", \"og_image_scmp_fact_check\", \"og_image_scmp_debate\", \"og_image_scmp_live\", \"og_image_scmp_obituary\", \"og_image_scmp_opinion\", \"og_image_scmp_review\", \"og_image_scmp_series\", \"og_image_scmp_generic\"]}) {\n url\n style\n }\n type\n }\n disableOffPlatformContent\n published\n sponsorType\n urlAlias\n}\n\nfragment hooksContentHeadlineTagContent on Content {\n __isContent: __typename\n ... on Article {\n types {\n value {\n name\n entityId\n description {\n text\n }\n id\n }\n }\n ...helpersCheckIsStyleArticle\n }\n flag\n sections {\n value {\n name\n id\n }\n }\n ...hooksContentHelperContent\n}\n\nfragment hooksContentHelperContent on Content {\n __isContent: __typename\n ...helpersSanitizeArticleTypeEntityIdsArticle\n ...helpersSanitizeAuthorTypesArticle\n ...helpersSanitizedAuthorEntityIdsArticle\n flag\n}\n\nfragment hooksContentInterestArticle on Article {\n entityId\n sentiment\n urlAlias\n types {\n value {\n name\n id\n }\n }\n topics {\n name\n id\n }\n}\n\nfragment hooksContentItemProvidersContent_2aLOLQ on Content {\n __isContent: __typename\n ...contentCoverImageContent_3ndUvy\n ...contentHeadlineContent\n ...contentSponsorTagContent\n ... on Video {\n __typename\n }\n}\n\nfragment hooksContentItemProvidersContent_2niEwz on Content {\n __isContent: __typename\n ...contentCoverImageContent_4isNar\n ...contentHeadlineContent\n ...contentSummaryContent\n ...contentSponsorTagContent\n ...contentUpdatedDateContent\n ... on Video {\n __typename\n }\n}\n\nfragment hooksContentItemProvidersContent_3JkJ9S on Content {\n __isContent: __typename\n ...contentCoverImageContent_1OCN1a\n ...contentHeadlineContent\n ...contentSponsorTagContent\n ... on Video {\n __typename\n }\n}\n\nfragment hooksContentItemProvidersContent_3n3tyT on Content {\n __isContent: __typename\n ...contentCoverImageContent_D9JlW\n ...contentHeadlineContent\n ...contentSponsorTagContent\n ... on Video {\n __typename\n }\n}\n\nfragment hooksContentItemProvidersContent_3wWJWe on Content {\n __isContent: __typename\n ...contentCoverImageContent_3ndUvy\n ...contentHeadlineContent\n ...contentPublishedDateContent\n ...contentSummaryContent\n ...contentSponsorTagContent\n ... on Video {\n __typename\n ...videoDurationOverlayVideo\n }\n}\n\nfragment hooksPaywallPromiseContent on Content {\n 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images {\n isSlideshow\n height\n width\n url\n }\n sections {\n value {\n name\n id\n }\n }\n types {\n value {\n name\n id\n }\n }\n id\n }\n ...liveBlogPostingLiveArticles_2w8PNF\n}\n\nfragment articleSectionsContent on Content {\n __isContent: __typename\n sections {\n value {\n ...helpersCheckIfNewsSectionInFirstIndexSection\n ...entityLink\n name\n id\n }\n }\n}\n\nfragment articleSeoArticle_3o8td4 on Article {\n ...hooksArticleSeoArticle\n ...helpersCheckIsPostiesArticle\n entityId\n publishedDate\n updatedDate\n summary {\n text\n }\n subHeadline {\n text\n }\n body(customContents: $customContents, type: $bodyType) {\n text\n }\n keywords\n sections {\n value {\n name\n id\n }\n }\n topics {\n name\n entityId\n id\n }\n urlAlias\n authors {\n name\n id\n }\n images {\n style(filter: {style: \"768x768\"}) {\n url\n }\n }\n}\n\nfragment articleSeriesArticle on Article {\n seriesContainer {\n entityId\n id\n }\n ...inlineArticleSeriesInlineArticle\n ...carouselArticleSeriesCarouselArticle\n}\n\nfragment articleSeriesCarouselContent on Content {\n __isContent: __typename\n entityId\n ... on Article {\n seriesContainer {\n series {\n __typename\n ... on Content {\n __isContent: __typename\n entityId\n }\n ... on Node {\n __isNode: __typename\n id\n }\n }\n id\n }\n }\n ...entityLink\n ...hooksContentItemProvidersContent_3n3tyT\n}\n\nfragment articleShareWidgetArticle on Article {\n ...contentShareWidgetContent\n ...articleCommentsTriggerArticle\n ...articleSpeechInlineWidgetArticle\n}\n\nfragment articleSpeechInlineWidgetArticle on Article {\n entityId\n ...genericArticleSpeechInlineWidgetGenericArticle\n}\n\nfragment articleSpeechPlayerPortalArticle on Article {\n entityId\n ...articleSpeechInlineWidgetArticle\n}\n\nfragment articleSponsorContent on Article {\n topics {\n entityId\n sponsor {\n description {\n json\n }\n ...sponsorTagSponsor\n id\n }\n id\n }\n ...helpersUseContentSponsorContent\n ...helpersCheckIsMainTopicContent\n ...contentSchemaRenderContent\n}\n\nfragment articleTitleArticle on Article {\n types {\n value {\n name\n id\n }\n }\n authors {\n name\n id\n }\n}\n\nfragment articleTopicContent on Content {\n __isContent: __typename\n topics {\n ...topicLinkTopic\n id\n }\n}\n\nfragment articleTopicFollowWidgetArticle on Article {\n topics {\n ...topicLinkTopic\n ...entityFollowButtonBase\n disableFollow\n entityId\n name\n entityUuid\n id\n }\n}\n\nfragment articleTopicWidgetArticle on Article {\n entityId\n sponsorType\n firstTopic {\n ...entityLink\n ...followButtonBase\n name\n disableFollow\n contents(first: 4, orderBy: {field: PUBLISHED_DATE, direction: DESC}) {\n edges {\n node {\n __typename\n entityId\n ...articleWidgetContent\n id\n }\n }\n }\n id\n }\n}\n\nfragment articleTopicsContent on Content {\n __isContent: __typename\n topics {\n ...topicLinkTopic\n ...entityFollowButtonBase\n entityId\n entityUuid\n name\n id\n }\n}\n\nfragment articleVocabBoxArticle on Article {\n glossary {\n term\n translation\n description {\n json\n }\n }\n ...contentSchemaRenderContent\n}\n\nfragment articleWidgetContent on Content {\n __isContent: __typename\n entityId\n urlAlias\n ... on Article {\n sponsorType\n }\n ...entityLink\n ...hooksContentItemProvidersContent_2aLOLQ\n}\n\nfragment atomsCurrentArticleAtomBase_3o8td4 on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ... on Article {\n ...articleSeoArticle_3o8td4\n ...contentShareWidgetContent\n ...headerContentBookmarkArticle\n ...headerContentCommentTrigger\n ...helpersCheckIsStyleArticle\n ...helpersUseSharingUrl\n ...articleShareWidgetArticle\n ...hooksTrackPageViewArticle\n ...hooksContentInterestArticle\n ...hooksUseCurrentArticleIdsArticle\n ...hooksUseNotificationReadStatusArticle\n ...onboardingNewsletterSubscriptionArticle\n }\n}\n\nfragment atomsCurrentNotificationSectionAtomBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ... on Section {\n fullSectionPath {\n ...hooksUseNotificationsSection\n id\n }\n }\n ... on Article {\n sections {\n value {\n ...hooksUseNotificationsSection\n id\n }\n }\n }\n}\n\nfragment atomsCurrentStyleCardCarouselWidgetSectionsAtomBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ... on Article {\n sections {\n value {\n entityId\n name\n id\n }\n }\n }\n ... on Section {\n fullSectionPath {\n entityId\n name\n id\n }\n }\n}\n\nfragment atomsCurrentTakeoverAdSectionsAtomBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ... on Article {\n sections {\n value {\n entityId\n id\n }\n }\n }\n ... on Section {\n fullSectionPath {\n entityId\n id\n }\n }\n}\n\nfragment authorAvatarAuthor on Author {\n ...entityLink\n entityId\n entityUuid\n name\n types\n image(filter: {type: AUTHOR_IMAGE}) {\n style(filter: {style: \"300x300\"}) {\n url\n }\n }\n}\n\nfragment authorAvatarsArticle on Article {\n authors {\n entityId\n ...authorAvatarAuthor\n ...entityFollowButtonBase\n id\n }\n}\n\nfragment authorBioAuthor on Author {\n bio\n}\n\nfragment authorCardAuthor on Author {\n ...styleAuthorCardAuthor\n ...defaultAuthorCardAuthor\n ...plusAuthorCardAuthor\n}\n\nfragment authorNameAuthor on Author {\n ...entityLink\n name\n entityUuid\n}\n\nfragment authorNamesArticle on Article {\n authorLocations\n authors {\n entityId\n location\n ...authorNameAuthor\n id\n }\n}\n\nfragment authorRoleAuthor on Author {\n role {\n text\n }\n}\n\nfragment authorSocialLinksAuthor on Author {\n socialLinks {\n class\n title\n url\n }\n}\n\nfragment beforeYouGoActionWidgetContent on Content {\n __isContent: __typename\n ...shareArticle20Content\n ...articleShareWidgetArticle\n entityId\n urlAlias\n shortUrl\n headline\n socialHeadline\n}\n\nfragment blockquoteQuoteContent on Content {\n __isContent: __typename\n ...contentShareWidgetContent\n}\n\nfragment blockquoteQuoteGenericPostiesArticleContent on Content {\n __isContent: __typename\n ...contentShareWidgetContent\n}\n\nfragment blockquoteQuotePlusGenericArticleContent on Content {\n __isContent: __typename\n ...contentShareWidgetContent\n}\n\nfragment breadcrumbNewsletterArticleArticle on Article {\n types {\n value {\n name\n id\n }\n }\n}\n\nfragment buttonArticleSpeechInlineWidgetGenericButtonArticle on Article {\n entityId\n socialHeadline\n headline\n}\n\nfragment carouselArticleSeriesCarouselArticle on Article {\n entityId\n seriesContainer {\n entityId\n headline\n socialHeadline\n urlAlias\n series {\n __typename\n ... on Content {\n __isContent: __typename\n entityId\n urlAlias\n ...articleSeriesCarouselContent\n }\n ... on Node {\n __isNode: __typename\n id\n }\n }\n ...entityLink\n id\n }\n}\n\nfragment checkersCheckContentContainsStarlingImageContent on Content {\n __isContent: __typename\n topics {\n entityId\n id\n }\n}\n\nfragment contentActionBarContent on Content {\n __isContent: __typename\n entityId\n createdDate\n updatedDate\n publishedDate\n ...articleCommentArticle\n ... on Article {\n hasVideoContent\n }\n}\n\nfragment contentBodyContent_3o8td4 on Content {\n __isContent: __typename\n entityId\n body(customContents: $customContents, type: $bodyType) {\n json\n }\n ...contentSchemaRenderContent\n}\n\nfragment contentCoverImageContent_1OCN1a on Content {\n __isContent: __typename\n images {\n url\n title\n type\n size768x768: style(filter: {style: \"768x768\"}) {\n url\n }\n }\n}\n\nfragment contentCoverImageContent_3ndUvy on Content {\n __isContent: __typename\n images {\n url\n title\n type\n size540x360: style(filter: {style: \"540x360\"}) {\n url\n }\n }\n}\n\nfragment contentCoverImageContent_4isNar on Content {\n __isContent: __typename\n images {\n url\n title\n type\n landscape250x99: style(filter: {style: \"landscape_250_99\"}) {\n url\n }\n size540x360: style(filter: {style: \"540x360\"}) {\n url\n }\n }\n}\n\nfragment contentCoverImageContent_D9JlW on Content {\n __isContent: __typename\n images {\n url\n title\n type\n size80x80: style(filter: {style: \"80x80\"}) {\n url\n }\n }\n}\n\nfragment contentCoverVideoContent on Content {\n __isContent: __typename\n ... on Article {\n multimediaEmbed {\n json\n }\n ...contentSchemaRenderContent\n }\n}\n\nfragment contentHeadlineContent on Content {\n __isContent: __typename\n headline\n socialHeadline\n ...contentHeadlineTagContent\n ...helpersUseContentSponsorContent\n}\n\nfragment contentHeadlineTagContent on Content {\n __isContent: __typename\n ...hooksContentHeadlineTagContent\n}\n\nfragment contentLiveArticleArticle on Article {\n ...itemLiveArticleContentArticle\n}\n\nfragment contentLiveTagContent on Article {\n ...helpersCheckHasLiveTagArticle\n}\n\nfragment contentNewsletterArticleArticle on Article {\n entityId\n relatedLinks\n}\n\nfragment contentNewsletterWidgetContent on Content {\n __isContent: __typename\n topics {\n relatedNewsletters {\n ...helpersMassageToNewsletterItemNewsletter\n id\n }\n id\n }\n sections {\n value {\n relatedNewsletters {\n ...helpersMassageToNewsletterItemNewsletter\n id\n }\n id\n }\n }\n ... on Article {\n relatedNewsletters {\n ...helpersMassageToNewsletterItemNewsletter\n id\n }\n }\n}\n\nfragment contentPublishedDateContent on Content {\n __isContent: __typename\n publishedDate\n}\n\nfragment contentReadMoreButtonContent on Content {\n __isContent: __typename\n ...appButtonContent\n}\n\nfragment contentSchemaRenderContent on Content {\n __isContent: __typename\n ...blockquoteQuoteContent\n ...imageContent\n ...inlineWidgetContent\n ...photoGalleryWidgetContent\n ...scmpYoutubeContent\n}\n\nfragment contentShareWidgetContent on Content {\n __isContent: __typename\n entityId\n urlAlias\n shortUrl\n socialHeadline\n headline\n}\n\nfragment contentSponsorTagContent on Content {\n __isContent: __typename\n ...helpersUseContentSponsorContent\n}\n\nfragment contentSubHeadlineContent on Content {\n __isContent: __typename\n subHeadline {\n json\n }\n summary {\n json\n }\n ...contentSchemaRenderContent\n}\n\nfragment contentSummaryContent on Content {\n __isContent: __typename\n __typename\n summary {\n text\n }\n}\n\nfragment contentUpdatedDateContent on Content {\n __isContent: __typename\n updatedDate\n}\n\nfragment contextsArticleListContextProviderArticle on Article {\n entityId\n}\n\nfragment contextsContentReadMoreContextProviderContent on Content {\n __isContent: __typename\n ...helpersGetArticleTypeArticle\n ...helpersCheckIsStyleArticle\n ... on Article {\n sponsorType\n }\n}\n\nfragment copyLinkArticle20CopyLinkContent on Content {\n __isContent: __typename\n entityId\n urlAlias\n shortUrl\n headline\n socialHeadline\n}\n\nfragment defaultArticleDateContent on Content {\n __isContent: __typename\n ...hooksArticleDateUtilsContent\n}\n\nfragment defaultAuthorCardAuthor on Author {\n ...authorAvatarAuthor\n ...authorBioAuthor\n ...authorNameAuthor\n ...authorRoleAuthor\n ...entityFollowButtonBase\n ...followButtonBase\n}\n\nfragment entityFollowButtonBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ... on Section {\n entityId\n name\n }\n ... on Author {\n entityId\n name\n disableFollow\n }\n ... on Topic {\n entityId\n name\n disableFollow\n }\n}\n\nfragment entityLink on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n entityId\n entityUuid\n urlAlias\n urlRedirect {\n toUrl\n id\n }\n application {\n entityId\n id\n }\n ... on Section {\n fullSectionPath {\n entityId\n id\n }\n parentSection\n }\n ...helpersAppBarVariantBase\n ...helpersApplicationBase\n ...helpersCheckIsPlusArticle\n ...helpersStyleSectionContent\n}\n\nfragment factSheetLinkPlusGenericArticleContent on Article {\n entityId\n factSheets {\n url\n name\n }\n ...helpersGetArticleTypeArticle\n}\n\nfragment followButtonBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n ...entityFollowButtonBase\n entityId\n}\n\nfragment genericArticleArticle on Content {\n __isContent: __typename\n entityId\n flag\n sections {\n value {\n entityId\n id\n }\n }\n ...articleBaseAdvertisingInfoArticle\n ...contentNewsletterWidgetContent\n ...globalCheckerContent\n ...helpersGetArticleTypeArticle\n ...hooksContentHelperContent\n ...shareArticle20Content\n}\n\nfragment genericArticleSpeechInlineWidgetGenericArticle on Article {\n entityId\n ...buttonArticleSpeechInlineWidgetGenericButtonArticle\n ...hooksShowGenericInlineWidgetByArticleArticle\n ...toolTipArticleSpeechWidgetToolTipArticle\n}\n\nfragment genericPostiesArticleContent_3o8td4 on Article {\n sections {\n value {\n name\n urlAlias\n id\n }\n }\n authors {\n name\n id\n }\n publishedDate\n additionalInfoBoxes {\n ...articleAdditionalInfoBoxArticle\n }\n ...genericPostiesArticleVocabBoxArticle\n ...blockquoteQuoteGenericPostiesArticleContent\n ...articleBaseAdvertisingInfoArticle\n ...contentBodyContent_3o8td4\n}\n\nfragment genericPostiesArticleVocabBoxArticle on Article {\n glossary {\n term\n translation\n description {\n json\n }\n }\n ...contentSchemaRenderContent\n}\n\nfragment globalCheckerContent on Content {\n __isContent: __typename\n ...articlePaywallCheckerContent\n}\n\nfragment headerContentBookmarkArticle on Article {\n entityId\n}\n\nfragment headerContentCommentTrigger on Article {\n ...articleCommentsTriggerArticle\n}\n\nfragment headerMorningStudioArticle on Article {\n ...articleSponsorContent\n ...subheaderMorningStudioSubheaderContent\n headline\n coverDesktop: image(filter: {type: COVER}) {\n url\n }\n coverMobile: image(filter: {type: COVER_MOBILE}) {\n url\n }\n}\n\nfragment headerNewsletterArticleArticle on Article {\n headline\n ...issuesNewsletterArticleArticle\n ...breadcrumbNewsletterArticleArticle\n ...widgetNewsletterArticleArticle\n}\n\nfragment helpersAppBarVariantBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n ...helpersCheckIsLiveArticle\n ...helpersCheckIsPlusPage\n ...helpersCheckIsPostiesArticle\n ...helpersCheckIsPostiesPage\n ...helpersCheckIsPostMagazineArticle\n ...helpersCheckIsStyleArticle\n ...helpersSectionContent\n ...helpersStyleSectionContent\n}\n\nfragment helpersApplicationBase on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n ...helpersCheckIsPostiesArticle\n ...helpersCheckIsPostiesPage\n ...helpersCheckIsPlusPage\n}\n\nfragment helpersCheckArticleIsInSectionsArticle on Article {\n sections {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersCheckArticleRenderTypeArticle on Article {\n ...helpersCheckCanShowInPlusPlatformArticle\n ...helpersCheckIsPlusArticle\n ...helpersCheckIsPostiesArticle\n ...helpersCheckIsStyleArticle\n ...helpersGetArticleTypeArticle\n}\n\nfragment helpersCheckCanShowInPlusPlatformArticle on Article {\n ...helpersCheckArticleIsInSectionsArticle\n ...helpersCheckIsPlusArticle\n ...helpersCheckIsStyleArticle\n ...helpersGetArticleTypeArticle\n ...helpersUseContentSponsorContent\n}\n\nfragment helpersCheckHasLiveTagArticle on Article {\n flattenTypeIds\n liveArticle {\n status\n id\n }\n}\n\nfragment helpersCheckIfNewsSectionInFirstIndexSection on Section {\n name\n}\n\nfragment helpersCheckIsLiveArticle on Article {\n flattenTypeIds\n liveArticle {\n status\n id\n }\n}\n\nfragment helpersCheckIsMainTopicContent on Content {\n __isContent: __typename\n topics {\n entityId\n id\n }\n}\n\nfragment helpersCheckIsPlusArticle on Article {\n paywallTypes {\n entityUuid\n id\n }\n}\n\nfragment helpersCheckIsPlusPage on Page {\n urlAlias\n}\n\nfragment helpersCheckIsPostMagazineArticle on Article {\n sections {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersCheckIsPostiesArticle on Article {\n sections {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersCheckIsPostiesPage on Page {\n urlAlias\n}\n\nfragment helpersCheckIsStyleArticle on Article {\n sections {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersGetArticleTypeArticle on Article {\n types {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersIsArchiveWallArticle on Article {\n ...helpersIsVelocityWallArticle\n createdDate\n publishedDate\n paywallTypes {\n entityId\n id\n }\n}\n\nfragment helpersIsArticleVideoAsHeroArticle on Article {\n multimediaEmbed {\n json\n }\n}\n\nfragment helpersIsVelocityWallArticle on Article {\n paywallTypes {\n entityId\n id\n }\n}\n\nfragment helpersMassageToNewsletterItemNewsletter on Newsletter {\n entityId\n name\n alternativeName\n description {\n text\n }\n summary {\n text\n }\n homepageDescription {\n text\n }\n}\n\nfragment helpersSanitizeArticleTypeEntityIdsArticle on Article {\n types {\n value {\n entityId\n id\n }\n }\n}\n\nfragment helpersSanitizeAuthorTypesArticle on Article {\n authors {\n types\n id\n }\n}\n\nfragment helpersSanitizedAuthorEntityIdsArticle on Article {\n authors {\n entityId\n id\n }\n}\n\nfragment helpersSectionContent on Section {\n fullSectionPath {\n entityId\n id\n }\n}\n\nfragment helpersStyleSectionContent on Section {\n fullSectionPath {\n entityId\n id\n }\n}\n\nfragment helpersUseContentSponsorContent on Content {\n __isContent: __typename\n topics {\n entityId\n sponsor {\n ...sponsorTagSponsor\n name\n type\n id\n }\n id\n }\n ... on Article {\n sponsorType\n }\n ...helpersCheckIsMainTopicContent\n}\n\nfragment helpersUseSharingUrl on Content {\n __isContent: __typename\n urlAlias\n}\n\nfragment hooksArticleAcknowledgementGateOverlayArticle on Article {\n entityId\n}\n\nfragment hooksArticleDateUtilsContent on Content {\n __isContent: __typename\n createdDate\n publishedDate\n updatedDate\n}\n\nfragment hooksArticleReactionUtilsArticle on Article {\n sections {\n value {\n entityId\n id\n }\n }\n topics {\n entityId\n id\n }\n entityId\n sponsorType\n}\n\nfragment hooksArticleSeoArticle on Article {\n ...helpersCheckIsPostiesArticle\n ...helpersCheckIsPostMagazineArticle\n ...helpersCheckIsPlusArticle\n ...hooksContentHeadlineTagContent\n entityId\n headline\n socialHeadline\n types {\n value {\n entityId\n id\n }\n }\n authors {\n entityId\n id\n }\n topics {\n sponsor {\n entityId\n id\n }\n id\n }\n sections {\n value {\n entityId\n id\n }\n }\n images {\n generic_og: style(filter: {style: \"og_image_scmp_generic\"}) {\n url\n }\n styles(filter: {styles: [\"og_image_posties_article\", \"og_postmag\", \"og_image_scmp_analysis\", \"og_image_scmp_explainer\", \"og_image_scmp_editorial\", \"og_image_scmp_fact_check\", \"og_image_scmp_debate\", \"og_image_scmp_live\", \"og_image_scmp_obituary\", \"og_image_scmp_opinion\", \"og_image_scmp_review\", \"og_image_scmp_series\", \"og_image_scmp_generic\"]}) {\n url\n style\n }\n type\n }\n disableOffPlatformContent\n published\n sponsorType\n urlAlias\n}\n\nfragment hooksContentHeadlineTagContent on Content {\n __isContent: __typename\n ... on Article {\n types {\n value {\n name\n entityId\n description {\n text\n }\n id\n }\n }\n ...helpersCheckIsStyleArticle\n }\n flag\n sections {\n value {\n name\n id\n }\n }\n ...hooksContentHelperContent\n}\n\nfragment hooksContentHelperContent on Content {\n __isContent: __typename\n ...helpersSanitizeArticleTypeEntityIdsArticle\n ...helpersSanitizeAuthorTypesArticle\n ...helpersSanitizedAuthorEntityIdsArticle\n flag\n}\n\nfragment hooksContentInterestArticle on Article {\n entityId\n sentiment\n urlAlias\n types {\n value {\n name\n id\n }\n }\n topics {\n name\n id\n }\n}\n\nfragment hooksContentItemProvidersContent_2aLOLQ on Content {\n __isContent: __typename\n ...contentCoverImageContent_3ndUvy\n ...contentHeadlineContent\n ...contentSponsorTagContent\n ... on Video {\n __typename\n }\n}\n\nfragment hooksContentItemProvidersContent_2niEwz on Content {\n __isContent: __typename\n ...contentCoverImageContent_4isNar\n ...contentHeadlineContent\n ...contentSummaryContent\n ...contentSponsorTagContent\n ...contentUpdatedDateContent\n ... on Video {\n __typename\n }\n}\n\nfragment hooksContentItemProvidersContent_3JkJ9S on Content {\n __isContent: __typename\n ...contentCoverImageContent_1OCN1a\n ...contentHeadlineContent\n ...contentSponsorTagContent\n ... on Video {\n __typename\n }\n}\n\nfragment hooksContentItemProvidersContent_3n3tyT on Content {\n __isContent: __typename\n ...contentCoverImageContent_D9JlW\n ...contentHeadlineContent\n ...contentSponsorTagContent\n ... on Video {\n __typename\n }\n}\n\nfragment hooksContentItemProvidersContent_3wWJWe on Content {\n __isContent: __typename\n ...contentCoverImageContent_3ndUvy\n ...contentHeadlineContent\n ...contentPublishedDateContent\n ...contentSummaryContent\n ...contentSponsorTagContent\n ... on Video {\n __typename\n ...videoDurationOverlayVideo\n }\n}\n\nfragment hooksPaywallPromiseContent on Content {\n __isContent: __typename\n entityId\n ...helpersCheckIsPostiesArticle\n}\n\nfragment hooksPostiesArticleArticle_3o8td4 on Article {\n ...genericPostiesArticleContent_3o8td4\n ...helpersGetArticleTypeArticle\n}\n\nfragment hooksSeriesArticleSectionTagArticle on Article {\n sections {\n value {\n entityId\n name\n id\n }\n }\n types {\n value {\n entityId\n id\n }\n }\n}\n\nfragment hooksShowGenericInlineWidgetByArticleArticle on Article {\n ...helpersCheckIsPostiesArticle\n ...hooksPaywallPromiseContent\n entityId\n flag\n sections {\n value {\n entityId\n id\n }\n }\n types {\n value {\n entityId\n id\n }\n }\n topics {\n entityId\n id\n }\n}\n\nfragment hooksTrackCurrentItemBase_3o8td4 on BaseWithApplicationAndUrlAlias {\n __isBaseWithApplicationAndUrlAlias: __typename\n __typename\n ...atomsCurrentArticleAtomBase_3o8td4\n ...atomsCurrentNotificationSectionAtomBase\n ...atomsCurrentTakeoverAdSectionsAtomBase\n ...atomsCurrentStyleCardCarouselWidgetSectionsAtomBase\n}\n\nfragment hooksTrackPageViewArticle on Article {\n entityId\n publishedDate\n headline\n sections {\n value {\n name\n id\n }\n }\n topics {\n name\n entityId\n id\n }\n urlAlias\n authors {\n name\n id\n }\n copyrighted\n entityUuid\n socialHeadline\n sponsor\n}\n\nfragment hooksUseCurrentArticleIdsArticle on Article {\n entityId\n entityUuid\n}\n\nfragment hooksUseNotificationReadStatusArticle on Article {\n entityId\n}\n\nfragment hooksUseNotificationsSection on Section {\n ...notificationSection\n entityId\n}\n\nfragment imageContent on Content {\n __isContent: __typename\n headline\n ...checkersCheckContentContainsStarlingImageContent\n}\n\nfragment infographicArticleArticle on Article {\n ...globalCheckerContent\n ...landingBannerInfographicArticle\n}\n\nfragment inlineArticleSeriesInlineArticle on Article {\n entityId\n seriesContainer {\n entityId\n headline\n socialHeadline\n urlAlias\n series {\n __typename\n ... on Content {\n __isContent: __typename\n entityId\n }\n ... on Node {\n __isNode: __typename\n id\n }\n }\n ...entityLink\n id\n }\n}\n\nfragment inlineWidgetContent on Content {\n __isContent: __typename\n ...contentNewsletterWidgetContent\n}\n\nfragment issuesDropdownNewsletterArticleArticle on Article {\n entityId\n}\n\nfragment issuesNewsletterArticleArticle on Article {\n types {\n value {\n entityUuid\n id\n }\n }\n ...issuesDropdownNewsletterArticleArticle\n}\n\nfragment itemLiveArticleContentArticle on Article {\n entityId\n urlAlias\n ...articleImageGalleryContent\n ...contentSchemaRenderContent\n ...contentShareWidgetContent\n}\n\nfragment landingBannerInfographicArticle on Article {\n ...articleSponsorContent\n ...articleShareWidgetArticle\n headline\n topics {\n ...entityLink\n name\n id\n }\n images {\n title\n url\n }\n coverHero: image(filter: {type: HERO}) {\n url\n }\n}\n\nfragment liveArticleArticle on Article {\n entityId\n entityUuid\n flag\n ...articleImageGalleryContent\n ...helpersCheckHasLiveTagArticle\n 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Politburo said China would make good use of its ultra-long special treasury bonds and local government special bonds to support investment. Photo: EPA-EFE","url":"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2024/09/26/d90dcdc9-bd10-4b2c-89ab-7bad154c8282_83790c56.jpg","isSlideshow":true,"sizeLandscape250x99":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/landscape_250_99/public/d8/images/canvas/2024/09/26/d90dcdc9-bd10-4b2c-89ab-7bad154c8282_83790c56.jpg?itok=VVvQCDrA\u0026v=1727343937"},"size1280x720":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/wide_landscape/public/d8/images/canvas/2024/09/26/d90dcdc9-bd10-4b2c-89ab-7bad154c8282_83790c56.jpg?itok=1Nt_KD2r\u0026v=1727343937"},"size1200x800":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/1200x800/public/d8/images/canvas/2024/09/26/d90dcdc9-bd10-4b2c-89ab-7bad154c8282_83790c56.jpg?itok=DGs4Dkzd\u0026v=1727343937"},"size1020x680":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/1020x680/public/d8/images/canvas/2024/09/26/d90dcdc9-bd10-4b2c-89ab-7bad154c8282_83790c56.jpg?itok=bdCqdiYV\u0026v=1727343937"},"size768x768":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/768x768/public/d8/images/canvas/2024/09/26/d90dcdc9-bd10-4b2c-89ab-7bad154c8282_83790c56.jpg?itok=WJP1N_QI\u0026v=1727343937"},"landscape250x99":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/landscape_250_99/public/d8/images/canvas/2024/09/26/d90dcdc9-bd10-4b2c-89ab-7bad154c8282_83790c56.jpg?itok=VVvQCDrA\u0026v=1727343937"},"size540x360":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/540x360/public/d8/images/canvas/2024/09/26/d90dcdc9-bd10-4b2c-89ab-7bad154c8282_83790c56.jpg?itok=9Z6T8fuE\u0026v=1727343937"},"height":2668,"width":4095}],"disableOffPlatformContent":[],"published":true,"sponsorType":null,"publishedDate":1727402416000,"updatedDate":1727407523000,"summary":{"text":"Analysts suggest China could sell at least 1 trillion yuan (US$142 billion) of special treasury bonds and lift its budget deficit ratio.\n","json":[{"type":"p","children":[{"type":"text","data":"Analysts suggest China could sell at least 1 trillion yuan (US$142 billion) of special treasury bonds and lift its budget deficit ratio."}]}]},"subHeadline":{"text":"Analysts suggest China could sell at least 1 trillion yuan (US$142 billion) of special treasury bonds and lift its budget deficit ratio\n","json":[{"type":"p","children":[{"type":"text","data":"Analysts suggest China could sell at least 1 trillion yuan (US$142 billion) of special treasury bonds and lift its budget deficit ratio"}]}]},"body":{"text":"Expectations are high that China would follow this week’s wide-ranging stimulus package by selling at least 1 trillion yuan (US$142 billion) of special treasury bonds and by lifting its budget deficit ratio, possibly in the next two to four weeks, analysts said.\nTuesday’s raft of interest rate cuts and monetary policy easing were seen as part of stimulus efforts to help meet China’s “around 5 per cent” economic growth target.\nThe moves were followed up on Thursday as China’s leaders stressed the need to strengthen “countercyclical” adjustments of fiscal and monetary policy, according to a readout from a Politburo meeting chaired by President Xi Jinping.\nNecessary fiscal spending should be guaranteed, added the readout, which said that China would make good use of its ultra-long special treasury bonds and local government special bonds to support investment.\nAnd analysts believe China would need more fiscal power, given it is highly likely to suffer from a shortfall in its budget this year, with a property market crisis and local government debt woes having taken a toll on finances across many regions.\nLoose monetary policy still needs the support of loose fiscal policy\nZhang Ming, Chinese Academy of Social Sciences\nZhang Ming, deputy director of the Institute of Finance and Banking at the Chinese Academy of Social Sciences, said the central government should issue 1 trillion of special treasury bonds in the fourth quarter.\nHe added that between 4 trillion yuan and 5 trillion yuan of special treasury bonds should be issued in 2025, with some being used to purchase property in less developed regions to be converted into affordable housing.\n“Loose monetary policy still needs the support of loose fiscal policy,” Zhang said in a blog post on his WeChat social media account Thursday, adding that fiscal expansion must be implemented “as soon as possible”.\nBut if additional policy support is not implemented, Zhang added, China’s gross domestic product growth would fall back to around 4 to 4.5 per cent in 2025, with the downward pressure on overall prices set to persist.\n\n\nThe Ministry of Finance said last week that China’s fiscal revenue in the first eight months of 2024 had fallen by 2.6 per cent from a year earlier, but that fiscal expenditure had grown by 1.5 per cent.\nAnalysts at Tianfeng Securities believed the central government might consider selling at least 2 trillion yuan of additional treasury bonds, while also lifting its fiscal deficit target of 3 per cent of GDP to make up for this year’s budget shortfall.\nChina’s budget deficit could be around 3.1 trillion yuan, representing an increase of 2.3 trillion yuan from 2023, they estimated.\nIn October last year, the central government had taken the rare decision to issue 1 trillion yuan worth of additional treasury bonds.\nThe move lifted China’s official fiscal deficit ratio for 2023 to 3.8 per cent of GDP, above the 3 per cent ceiling the government had set earlier in the year.\nIt cannot be ruled out that to achieve the year-end economic growth [target], special treasury bonds or special purpose bonds quota from next year will be brought forward\nTianfeng Securities\nThe funds were allocated to local governments to support post-disaster recovery and reconstruction.\n“In addition, it cannot be ruled out that to achieve the year-end economic growth [target], special treasury bonds or special purpose bonds quotas from next year will be brought forward,” Tianfeng Securities said on Tuesday.\nBank of America expected a fiscal package, which could potentially include measures to boost demand and investment, as well as further enhancement of social security, healthcare and childbirth, to come in the next two to four weeks.\nThe timing would be closer to the next meeting of China’s top legislative body, the National People’s Congress Standing Committee, that is scheduled in the second half of October, the US bank said on Wednesday.\nBut a large fiscal stimulus plan still might not fix China’s economic problems, which emanate from weak confidence in the public and private sectors, Bank of America added.\n“If people only see downside risks but not upside risks, households and businesses are too cautious to work on productivity gains, innovation, or risk-taking, while local governments resort to performative actions without addressing the real problem in the economy,” the US bank said.\n","json":[{"type":"track-viewed-percentage","attribs":{"percentage":"0"}},{"type":"p","children":[{"type":"text","data":"Expectations are high that China would follow this week’s wide-ranging stimulus package by selling at least 1 trillion yuan (US$142 billion) of special treasury bonds and by lifting its budget deficit ratio, possibly in the next two to four weeks, analysts said."}]},{"type":"inline-ad-slot","attribs":{"tag":"0"}},{"type":"p","children":[{"type":"text","data":"Tuesday’s raft of interest rate cuts and monetary policy easing were seen as "},{"type":"a","attribs":{"href":"https://www.scmp.com/economy/policy/article/3279681/china-cut-rates-reserve-ratio-support-economy?module=top_story\u0026pgtype=section?module=inline\u0026pgtype=article","title":"","target":"_self","data-entity-uuid":"8b04d4db-1a0a-4a9d-9456-238d964f38ce","data-entity-type":"node","data-entity-bundle":"article"},"children":[{"type":"text","data":"part of stimulus efforts"}]},{"type":"text","data":" to help meet China’s “around 5 per cent” economic growth target."}]},{"type":"p","children":[{"type":"text","data":"The moves were followed up on Thursday as China’s leaders stressed the need to strengthen “countercyclical” adjustments of fiscal and monetary policy, "},{"type":"a","attribs":{"href":"https://www.scmp.com/economy/article/3280018/china-vows-save-private-economy-stabilise-real-estate-market-politburo-meeting?module=top_story\u0026pgtype=section","title":"","target":"_self","data-entity-uuid":"bd26cc99-3222-4ecc-8cf9-6bdd1be5d6fb","data-entity-type":"node","data-entity-bundle":"article"},"children":[{"type":"text","data":"according to a readout from a Politburo meeting"}]},{"type":"text","data":" chaired by President Xi Jinping."}]},{"type":"inline-ad-slot","attribs":{"tag":"1"}},{"type":"track-viewed-percentage","attribs":{"percentage":"20"}},{"type":"p","children":[{"type":"text","data":"Necessary fiscal spending should be guaranteed, added the readout, which said that China would make good use of its ultra-long special treasury bonds and local government special bonds to support investment."}]},{"type":"p","children":[{"type":"text","data":"And analysts believe China would need more fiscal power, given it is highly likely to suffer from a shortfall in its budget this year, with a property market crisis and local government debt woes having taken a toll on finances across many regions."}]},{"type":"blockquote-quote","attribs":{"class":"blockquote"},"children":[{"type":"text","data":"Loose monetary policy still needs the support of loose fiscal policy"},{"type":"text","data":"Zhang Ming, Chinese Academy of Social Sciences"}]},{"type":"p","children":[{"type":"text","data":"Zhang Ming, deputy director of the Institute of Finance and Banking at the Chinese Academy of Social Sciences, said the central government should issue 1 trillion of special treasury bonds in the fourth quarter."}]},{"type":"inline-ad-slot","attribs":{"tag":"2"}},{"type":"p","children":[{"type":"text","data":"He added that between 4 trillion yuan and 5 trillion yuan of special treasury bonds should be issued in 2025, with some being used to purchase property in less developed regions to be "},{"type":"a","attribs":{"href":"https://www.scmp.com/economy/china-economy/article/3267550/china-aims-solve-property-puzzle-affordable-housing-push-debt-cloud-remains","title":"","target":"_self","data-entity-uuid":"59184b37-5ee7-4457-b6a6-abda88592d73","data-entity-type":"node","data-entity-bundle":"article"},"children":[{"type":"text","data":"converted into affordable housing."}]}]},{"type":"p","children":[{"type":"text","data":"“Loose monetary policy still needs the support of loose fiscal policy,” Zhang said in a blog post on his WeChat social media account Thursday, adding that fiscal expansion must be implemented “as soon as possible”."}]},{"type":"p","children":[{"type":"text","data":"But if additional policy support is not implemented, Zhang added, China’s gross domestic product growth would fall back to around 4 to 4.5 per cent in 2025, with the downward pressure on overall prices set to persist."}]},{"type":"div","attribs":{"class":"methode-html-wrapper 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Politburo said China would make good use of its ultra-long special treasury bonds and local government special bonds to support investment. Photo: EPA-EFE","url":"https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2024/09/26/d90dcdc9-bd10-4b2c-89ab-7bad154c8282_83790c56.jpg","isSlideshow":true,"sizeLandscape250x99":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/landscape_250_99/public/d8/images/canvas/2024/09/26/d90dcdc9-bd10-4b2c-89ab-7bad154c8282_83790c56.jpg?itok=VVvQCDrA\u0026v=1727343937"},"size1280x720":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/wide_landscape/public/d8/images/canvas/2024/09/26/d90dcdc9-bd10-4b2c-89ab-7bad154c8282_83790c56.jpg?itok=1Nt_KD2r\u0026v=1727343937"},"size1200x800":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/1200x800/public/d8/images/canvas/2024/09/26/d90dcdc9-bd10-4b2c-89ab-7bad154c8282_83790c56.jpg?itok=DGs4Dkzd\u0026v=1727343937"},"size1020x680":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/1020x680/public/d8/images/canvas/2024/09/26/d90dcdc9-bd10-4b2c-89ab-7bad154c8282_83790c56.jpg?itok=bdCqdiYV\u0026v=1727343937"},"size768x768":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/768x768/public/d8/images/canvas/2024/09/26/d90dcdc9-bd10-4b2c-89ab-7bad154c8282_83790c56.jpg?itok=WJP1N_QI\u0026v=1727343937"},"landscape250x99":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/landscape_250_99/public/d8/images/canvas/2024/09/26/d90dcdc9-bd10-4b2c-89ab-7bad154c8282_83790c56.jpg?itok=VVvQCDrA\u0026v=1727343937"},"size540x360":{"url":"https://cdn.i-scmp.com/sites/default/files/styles/540x360/public/d8/images/canvas/2024/09/26/d90dcdc9-bd10-4b2c-89ab-7bad154c8282_83790c56.jpg?itok=9Z6T8fuE\u0026v=1727343937"},"height":2668,"width":4095}],"disableOffPlatformContent":[],"published":true,"sponsorType":null,"publishedDate":1727402416000,"updatedDate":1727407523000,"summary":{"text":"Analysts suggest China could sell at least 1 trillion yuan (US$142 billion) of special treasury bonds and lift its budget deficit ratio.\n","json":[{"type":"p","children":[{"type":"text","data":"Analysts suggest China could sell at least 1 trillion yuan (US$142 billion) of special treasury bonds and lift its budget deficit ratio."}]}]},"subHeadline":{"text":"Analysts suggest China could sell at least 1 trillion yuan (US$142 billion) of special treasury bonds and lift its budget deficit ratio\n","json":[{"type":"p","children":[{"type":"text","data":"Analysts suggest China could sell at least 1 trillion yuan (US$142 billion) of special treasury bonds and lift its budget deficit ratio"}]}]},"body":{"text":"Expectations are high that China would follow this week’s wide-ranging stimulus package by selling at least 1 trillion yuan (US$142 billion) of special treasury bonds and by lifting its budget deficit ratio, possibly in the next two to four weeks, analysts said.\nTuesday’s raft of interest rate cuts and monetary policy easing were seen as part of stimulus efforts to help meet China’s “around 5 per cent” economic growth target.\nThe moves were followed up on Thursday as China’s leaders stressed the need to strengthen “countercyclical” adjustments of fiscal and monetary policy, according to a readout from a Politburo meeting chaired by President Xi Jinping.\nNecessary fiscal spending should be guaranteed, added the readout, which said that China would make good use of its ultra-long special treasury bonds and local government special bonds to support investment.\nAnd analysts believe China would need more fiscal power, given it is highly likely to suffer from a shortfall in its budget this year, with a property market crisis and local government debt woes having taken a toll on finances across many regions.\nLoose monetary policy still needs the support of loose fiscal policy\nZhang Ming, Chinese Academy of Social Sciences\nZhang Ming, deputy director of the Institute of Finance and Banking at the Chinese Academy of Social Sciences, said the central government should issue 1 trillion of special treasury bonds in the fourth quarter.\nHe added that between 4 trillion yuan and 5 trillion yuan of special treasury bonds should be issued in 2025, with some being used to purchase property in less developed regions to be converted into affordable housing.\n“Loose monetary policy still needs the support of loose fiscal policy,” Zhang said in a blog post on his WeChat social media account Thursday, adding that fiscal expansion must be implemented “as soon as possible”.\nBut if additional policy support is not implemented, Zhang added, China’s gross domestic product growth would fall back to around 4 to 4.5 per cent in 2025, with the downward pressure on overall prices set to persist.\n\n\nThe Ministry of Finance said last week that China’s fiscal revenue in the first eight months of 2024 had fallen by 2.6 per cent from a year earlier, but that fiscal expenditure had grown by 1.5 per cent.\nAnalysts at Tianfeng Securities believed the central government might consider selling at least 2 trillion yuan of additional treasury bonds, while also lifting its fiscal deficit target of 3 per cent of GDP to make up for this year’s budget shortfall.\nChina’s budget deficit could be around 3.1 trillion yuan, representing an increase of 2.3 trillion yuan from 2023, they estimated.\nIn October last year, the central government had taken the rare decision to issue 1 trillion yuan worth of additional treasury bonds.\nThe move lifted China’s official fiscal deficit ratio for 2023 to 3.8 per cent of GDP, above the 3 per cent ceiling the government had set earlier in the year.\nIt cannot be ruled out that to achieve the year-end economic growth [target], special treasury bonds or special purpose bonds quota from next year will be brought forward\nTianfeng Securities\nThe funds were allocated to local governments to support post-disaster recovery and reconstruction.\n“In addition, it cannot be ruled out that to achieve the year-end economic growth [target], special treasury bonds or special purpose bonds quotas from next year will be brought forward,” Tianfeng Securities said on Tuesday.\nBank of America expected a fiscal package, which could potentially include measures to boost demand and investment, as well as further enhancement of social security, healthcare and childbirth, to come in the next two to four weeks.\nThe timing would be closer to the next meeting of China’s top legislative body, the National People’s Congress Standing Committee, that is scheduled in the second half of October, the US bank said on Wednesday.\nBut a large fiscal stimulus plan still might not fix China’s economic problems, which emanate from weak confidence in the public and private sectors, Bank of America added.\n“If people only see downside risks but not upside risks, households and businesses are too cautious to work on productivity gains, innovation, or risk-taking, while local governments resort to performative actions without addressing the real problem in the economy,” the US bank said.\n","json":[{"type":"track-viewed-percentage","attribs":{"percentage":"0"}},{"type":"p","children":[{"type":"text","data":"Expectations are high that China would follow this week’s wide-ranging stimulus package by selling at least 1 trillion yuan (US$142 billion) of special treasury bonds and by lifting its budget deficit ratio, possibly in the next two to four weeks, analysts said."}]},{"type":"inline-ad-slot","attribs":{"tag":"0"}},{"type":"p","children":[{"type":"text","data":"Tuesday’s raft of interest rate cuts and monetary policy easing were seen as "},{"type":"a","attribs":{"href":"https://www.scmp.com/economy/policy/article/3279681/china-cut-rates-reserve-ratio-support-economy?module=top_story\u0026pgtype=section?module=inline\u0026pgtype=article","title":"","target":"_self","data-entity-uuid":"8b04d4db-1a0a-4a9d-9456-238d964f38ce","data-entity-type":"node","data-entity-bundle":"article"},"children":[{"type":"text","data":"part of stimulus efforts"}]},{"type":"text","data":" to help meet China’s “around 5 per cent” economic growth target."}]},{"type":"p","children":[{"type":"text","data":"The moves were followed up on Thursday as China’s leaders stressed the need to strengthen “countercyclical” adjustments of fiscal and monetary policy, "},{"type":"a","attribs":{"href":"https://www.scmp.com/economy/article/3280018/china-vows-save-private-economy-stabilise-real-estate-market-politburo-meeting?module=top_story\u0026pgtype=section","title":"","target":"_self","data-entity-uuid":"bd26cc99-3222-4ecc-8cf9-6bdd1be5d6fb","data-entity-type":"node","data-entity-bundle":"article"},"children":[{"type":"text","data":"according to a readout from a Politburo meeting"}]},{"type":"text","data":" chaired by President Xi Jinping."}]},{"type":"inline-ad-slot","attribs":{"tag":"1"}},{"type":"track-viewed-percentage","attribs":{"percentage":"20"}},{"type":"p","children":[{"type":"text","data":"Necessary fiscal spending should be guaranteed, added the readout, which said that China would make good use of its ultra-long special treasury bonds and local government special bonds to support investment."}]},{"type":"p","children":[{"type":"text","data":"And analysts believe China would need more fiscal power, given it is highly likely to suffer from a shortfall in its budget this year, with a property market crisis and local government debt woes having taken a toll on finances across many regions."}]},{"type":"blockquote-quote","attribs":{"class":"blockquote"},"children":[{"type":"text","data":"Loose monetary policy still needs the support of loose fiscal policy"},{"type":"text","data":"Zhang Ming, Chinese Academy of Social Sciences"}]},{"type":"p","children":[{"type":"text","data":"Zhang Ming, deputy director of the Institute of Finance and Banking at the Chinese Academy of Social Sciences, said the central government should issue 1 trillion of special treasury bonds in the fourth quarter."}]},{"type":"inline-ad-slot","attribs":{"tag":"2"}},{"type":"p","children":[{"type":"text","data":"He added that between 4 trillion yuan and 5 trillion yuan of special treasury bonds should be issued in 2025, with some being used to purchase property in less developed regions to be "},{"type":"a","attribs":{"href":"https://www.scmp.com/economy/china-economy/article/3267550/china-aims-solve-property-puzzle-affordable-housing-push-debt-cloud-remains","title":"","target":"_self","data-entity-uuid":"59184b37-5ee7-4457-b6a6-abda88592d73","data-entity-type":"node","data-entity-bundle":"article"},"children":[{"type":"text","data":"converted into affordable housing."}]}]},{"type":"p","children":[{"type":"text","data":"“Loose monetary policy still needs the support of loose fiscal policy,” Zhang said in a blog post on his WeChat social media account Thursday, adding that fiscal expansion must be implemented “as soon as possible”."}]},{"type":"p","children":[{"type":"text","data":"But if additional policy support is not implemented, Zhang added, China’s gross domestic product growth would fall back to around 4 to 4.5 per cent in 2025, with the downward pressure on overall prices set to persist."}]},{"type":"div","attribs":{"class":"methode-html-wrapper 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