China's Provinces Show Evidence Of Financial Pressure And The Economy's Imbalances
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Tang Zaifu, deputy director of the Budget Department of the Ministry of Finance, downplayed the worrying trend in provincial finances when outlining the latest data for the first quarter of this year. However, the data clearly shows that provincial self-sufficiency has declined while dependence on central government aid has increased. Beijing now has to cover half the budget needs of the 22 provinces under its jurisdiction, as well as five auton…
On April 7, 2025, people walk past a screen displaying stock quotes in Jing'an District, Shanghai. A new report from China's Ministry of Finance shows that as budget deficits continue to widen, Chinese provinces are increasingly turning to the central government for assistance. (Hector Retamal/AFP via Getty Images)
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