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China is likely to cut more than CNY1 trillion of taxes and fees in 2020, to support SMEs, downstream manufacturers impacted by higher commodity prices and weakened demand as well as tech companies, reported citing analysts following a meeting outlining the fiscal work for next year. Meanwhile, the government will continue with a tight grip on local implicit debts while strengthening the supervision of infrastructure-backed local government special bonds, the newspaper said citing analysts. The quota of special bonds may be slightly lower than this year’s CNY3.65 trillion, and the fiscal deficit ratio may be the same as or slightly lower than the 3.2% in 2021, the newspaper said citing Professor Shi Zhengwen at China University of Political Science and Law.

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