The worsening of China
IT is clear that the new Government will deliver its fiscal plan and put deficit and public debt firmly on a downward path. Both operating and development expenditure will have been rationalised, realigned or even reduced to keep overall deficit in check and debt at sustainable levels.
More nimble government that would steer the economy through tomorrow’s austerity. The rationalisation of expenditure and containment of government debt is to achieve macroeconomic stability and fiscal sustainability; to create fiscal space for future shocks; to increase expenditure allocative efficiency by scaling back; rescheduling or reforming government activities.
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