Just as we predicted over a year ago, China - which remains painfully limited in how it can kickstart its slowing economy - is preparing for a massive fiscal stimulus in the form of a tidal wave of local government bond sales. With growth in the world's second-largest economy faltering especially after China's President Xi Jinping made clear weeks ago that "Covid zero" isn't going anywhere, there is also "chance zero" that Beijing's 2022 growth target of 5.5% will be achieved because of the lingering threat of new lockdowns. China's…
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