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More local governments slash revenue targets after whopping tax cuts

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More Chinese local governments are forced to cut revenue target this year after their coffers were hit hard by whopping tax and fee cuts worth around 2 trillion yuan. Beijjng extended a policy allocating more tax revenue to local governments in efforts to ease their financial burden.

Central China’s Hubei province recently slash its 2019 target for revenue growth to around 1.5 per cent, compared to a 8 per cent gain set at the start of the year . . .

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