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Reuters (October 17)

2022/ 10/ 18 by jd in Global News

“Local governments have long been a pump-primer of China’s growth, but declining state land sales revenue in the wake of an ongoing crackdown on debt in the sector has severely eroded their financial power – a situation exacerbated this year by China’s feeble growth, weak tax income and crippling COVID restrictions.” These bodies now face budget shortfalls of roughly $1 trillion. Amid China’s wobbly economy, “the timing couldn’t be worse.”

 

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