Local governments, facing high debt and falling revenues, have been cutting civil servants' pay and delaying payments to contractors, choking money flows to the real economy and fanning deflationary pressures.
Analysts say Beijing may be saving fiscal ammunition for the next round of its trade war with Washington.
https://www.reuters.com/markets/asia/what-you-need-know-about-chinas-14-trillion-debt-package-2024-11-10/
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