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China is likely to cut both its fiscal deficit and the deficit to GDP ratio to improve the efficiency of government funds and the sustainability of development, the Securities Times reported citing Ye Fan, the chief analyst in Northwest Securities. China will not issue special bonds for the pandemic in 2021 and may maintain a deficit ratio around 3.3% as well as CNY3.3 trillion of special debt, the newspaper said citing CITIC Securities Policy Research Group. China's "dual circulation" development model is expected to take shape at a faster pace, and the expansion of domestic demand with fiscal policy support will be the focus of discussions at the National People's Conference beginning next week, the report said.