China Shuns Bold Stimulus in Move From Trump-Induced Crisis Mode

China signaled it’s modestly dialing down fiscal stimulus this year, a rollback after a trade war with the US that still allows for further support in the face of geopolitical uncertainty abroad and the dangers stalking the economy at home.

The broad budget deficit projected by the Ministry of Finance will decline to around 9.5% of gross domestic product this year from the 9.9% in its 2025 plan, according to Bloomberg calculations based on official data. The reduction came alongside an announcement on Thursday that the government is cutting this year’s target for GDP growth to 4.5%-5%, the lowest ...