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The proactive fiscal policy this year has.....>

CHINA
CHINA: The proactive fiscal policy this year has put a huge pressure on China's
balance sheet, and the central government has vigorously reduced general
expenditures and transferred more than CNY7.5 trillion to localities, the
largest transfer payment in recent years, wrote Liu Kun, the Minister of Finance
in an article published on Qiushi, a magazine run by the Communist Party of
China. Local governments must be conservative to ensure the implementation of a
larger scale of tax and fee cuts, Liu urged.

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