China’s massive 1.5 trillion yuan ($220 billion) tax rebate programme to bail out businesses reeling under the impact of a pandemic-induced economic crisis is weighing on the budgets of local governments that have to foot a significant chunk of the overall tax bill, Nikkei Asia reported.
The prolonged crisis in the property sector and China’s stringent Covid curbs are adding to the pressure that local governments face as they struggle to maintain fiscal balance amid depleting finances, the report added.
Read the full report: Nikkei Asia.
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