CHINA (Bloomberg): China’s broad fiscal deficit hit an all-time high in the first nine months of the year as Covid-19 outbreaks and a housing market slump continue to erode government income.
The deficit in the budgets for all levels of government was 7.16 trillion yuan (US$980bil or RM4 trillion), according to Bloomberg calculations based on data released by the Ministry of Finance on Tuesday. That is a record for any comparable period and is almost three times the 2.6 trillion yuan (RM1.6 trillion) shortfall in January-September last year.
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