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CHINA PRESS: Local Governments Face Increasing Fiscal Pressure

CHINA PRESS

Local governments facing increasing fiscal pressure will struggle to balance resolving debt risks with ensuring basic services and operations, Caixin reported. A recent fiscal report by Ar Horqin Banner, Chifeng City, Inner Mongolia Autonomous Region said fiscal resources can barely guarantee operational expenditures such as salary payments. Ar Horqin was facing serious credit default risks with little funding to resolve hidden debts, the report added. The general public budget revenue of Ar Horqin was CNY247 million in H1, down 9.8% y/y, Caixin reported.

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