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China may reduce the issuance of local government special bonds next year, possibly CNY3.2 trillion, compared with this year's issuance quota of CNY3.65 trillion, said the Securities Daily citing Luo Zhiheng deputy research head of Yuekai Securities. With less special bonds, the deficit-to-GDP ratio must be maintained at a relatively high level of about 3.5%, said Luo. Analysts expect the Finance Ministry to front-load some of next year's quota by the end of 2021, so to help local governments better prepare for the start of major projects, the newspaper said.