interesting readout from the politburo meeting, they sound very stressed, about the continuing risk from imported cases, a second wave, and the economic damage: http://www.xinhuanet.com/politics/leaders/2020-04/17/c_1125871992.htm "会议强调，当前经济发展面临的挑战前所未有，必须充分估计困难、风险和不确定性，切实增强紧迫感，抓实经济社会发展各项工作"...会议指出，要以更大的宏观政策力度对冲疫情影响。. 积极的财政政策要更加积极有为，提高赤字率，发行抗疫特别国债，增加地方政府专项债券，提高资金使用效率，真正发挥稳定经济的关键作用。稳健的货币政策要更加灵活适度，运用降准、降息、再贷款等手段，保持流动性合理充裕，引导贷款市场利率下行，把资金用到支持实体经济特别是中小微企业上。

"The meeting stressed that the challenges facing economic development are unprecedented. It is imperative to fully assess the difficulties, risks and uncertainties, increase the sense of urgency and focus on all aspects of economic and social development." v stressed..

The meeting pointed to greater macro - policy efforts to hedge the impact of the outbreak. We will adopt a proactive fiscal policy, increase the deficit to GDP ratio, issue special government bonds to combat the epidemic, increase the number of local government bonds

and use funds more efficiently so as to truly play a key role in stabilizing the economy. We will adopt a prudent monetary policy that is more flexible and appropriate. We will use measures such as reserve requirement ratio cuts, interest rate cuts and re-lending

to maintain reasonably sufficient liquidity, guide interest rates in the lending market to fall, and use funds to support the real economy, especially small, medium and micro businesses."...the stresses are getting intense, forcing policymakers hands