China Runs Out Of Money: All Provinces In Deficit, Even Shanghai Can’t Escape
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On July 22, China's Ministry of Finance released new data showing that none of the country's 31 provincial-level administrative regions reached a fiscal self-sufficiency rate of 100 percent during the first half of the year. Combined, local governments recorded a fiscal self-sufficiency rate of 56.3 percent, meaning locally generated revenue could not fully cover government spending, including in Shanghai, which has long been China's strongest local economy.
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