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China lowered its budget deficit to about 3.2% of 2021 GDP from "above 3.6%" last year, and won't issue further debt related to fighting the Covid-19 pandemic as the economy resumes its normal course, according to the annual Government Work Report delivered by Premier Li Keqiang at the National People's Congress on Friday.
China will focus on making proactive fiscal policies "more sustainable" and improving quality and efficiency, the report read. The government issued CNY1 trillion in Special Treasury Bonds last year in response to the pandemic.