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Nearly half of China’s provinces reported drops in fiscal revenue last year as the COVID-19 pandemic crimped economic growth. Most local governments expect their fiscal revenue to increase by more than 3 per cent this year as economy recovers.
Twenty-nine provinces have released their financial income and expenditure data for 2020 and only Hebei province and the Xinjiang Uygur Autonomous Region haven't released the data. Thirteen provinces, including the cities of Shanghai and Beijing and the provinces of Hubei and Shanxi, reported a decline in fiscal revenue.
Analysts say the drops . . .
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