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China vows to lower government leverage ratio this year, urges all levels of local governments to reduce debt levels

China's State Council, the cabinet, urges all levels of local governments to lower their debt levels at a meeting on Monday, as Beijing moves to address the fiscal risks that arose last year when policymakers boosted spending and cut taxes to support the coronavirus-hit economy.

In 2021, China will keep the macro leverage ratio basically stable, and appropriately lower the government . . .

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