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MNI (Beijing)

China has set a lower deficit ratio this year to ensure its fiscal policies are sustainable, will disburse funds as early as possible to support growth, Minister of Finance Liu Kun said on the sideline of the National People’s Congress on Sunday.

While the debt-to-GDP ratio was lowered by 0.4 pp to 2.8%, which will result in CNY200 billion less funding, the government also allocated normal budget funding of CNY1.27 trillion, 6.6 more times than last year, equivalent to raising the deficit ratio by 1 pp, Liu said to reporters.

China is to cut taxes by record CNY2.5 trillion this year mostly through refunding value-added tax, which will inject CNY1.5 trillion back into the economy, said Liu. Budged expenditures will rise 8.4% to CNY26.7 trillion, relative to targeted 5.5% GDP growth, he said.


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