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China will strengthen the review of infrastructure projects funded by local government special bonds, especially not raising funds for real estate projects, said Xiang Zhongxin, deputy director of the Budget Department at the Ministry of Finance on Tuesday.

Local governments issued a total of CNY1.01 trillion of special bonds by end-June, with half of them being invested in major projects in transportation and industrial parks, said Xiang. About 30% are investment in affordable housing and social wealth projects, and 20% in water conservancy and energy projects, he added.

China's fiscal revenue rose 21.8% in the first six months of 2021 from a year earlier.

The higher growth rate is mainly due to the lower income base same period last year during the initial outbreak of Covid-19, as well as the rapid rise in PPI, said Liu Jinyun, head of the Treasury Payment Center with the ministry, adding that fiscal income growth in H2 may significantly decline on a higher comparison base and tax cuts. While fiscal expenditure increased 4.5% y/y.

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