Reuters reports, citing sources familiar with the matter

China
  • To step up fiscal stimulus to revive virus-hit economy
  • The aim is to spur infrastructure investment via $394 billion of local bonds
  • Likely to lower its 2020 economic growth target
  • Considering proposals to cut it to as low as 5%

It wouldn't be that big of a surprise for China to be pursuing these steps, so this will likely take the budget deficit ratio well above the 2.8% last year to record levels.

As for the growth target, I'm not too sure about that 5% especially when the rest of the world is also in lockdown mode currently and could persist for much longer. But at the end of the day, it is China. If the target is 5% economic growth, then 5% is what they will get.