Deficit will reach US$154b this year
Source: Xinhua |
March 6, 2010, Saturday
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Print Edition
Print Edition
CHINA budgets 1.05 trillion yuan (US$154 billion) of fiscal deficit this year to support economic growth as government revenue will fall significantly short of expenditures, Premier Wen Jiabao said in his central government work report yesterday.
The government vowed to keep the debt at an "appropriate" level, according to the report delivered to the annual session of the National People's Congress.
The total deficit consists of 850 billion yuan in central government deficit and 200 billion yuan in local government bonds, which will be included in local government budgets.
The government will continue with structural tax cuts to boost demand and promote economic restructuring.
The government vowed to keep the debt at an "appropriate" level, according to the report delivered to the annual session of the National People's Congress.
The total deficit consists of 850 billion yuan in central government deficit and 200 billion yuan in local government bonds, which will be included in local government budgets.
The government will continue with structural tax cuts to boost demand and promote economic restructuring.
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