China’s Biggest Fiscal Crisis: 58M Abandon Social Security, Businesses Choose Jail Over Payments
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Against the backdrop of severe financial pressure, China’s tax authorities have upgraded their tax inspection system nationwide this year. They are not only checking company accounts, but also pushing businesses to pay social security contributions for all employees. This small business owner in Guangdong is facing huge penalties because he cannot afford the payments, leaving him unable to bear the burden.
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