Local fiscal deficit reaches $1 trillion, more pressure on China’s economy


Backlink: THE BL

In the first eight months of this year, the fiscal deficit of China’s 31 provincial-level administrative regions was 6.74 trillion yuan (about $948 billion), the largest deficit since 2012 when compared to local government statistics for the past 10 years, with Sichuan, Henan, Hunan and Guangdong having the deepest debts according to Reuters.