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China is expected to increase by over CNY2 trillion overall fiscal spending from last year, which is equivalent to raising the deficit-to-GDP ratio by one percentage point to about 3.8%, even though the government has set its 2022 target of budget deficit rate lower-than-expected at 2.8% on Saturday, wrote Guan Tao, global chief economist at BOC International China in an article published on The CNY2 trillion will come from profits by SOE banks, wrote Guan. China needs major projects and government-led investments to drive private investment, Guan added.

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