China

China’s Huge Tax Rebates Weigh on Local Governments – Nikkei

Sichuan Trust was one of the first 'shadow banks' to fail after the property crisis began several years ago. File photo: Reuters.

China’s massive 1.5 trillion yuan ($220 billion) tax rebate programme to bail out businesses reeling under the impact of a pandemic-induced economic crisis is weighing on the budgets of local governments that have to foot a significant chunk of the overall tax bill, Nikkei Asia reported.

The prolonged crisis in the property sector and China’s stringent Covid curbs are adding to the pressure that local governments face as they struggle to maintain fiscal balance amid depleting finances, the report added.

Read the full report: Nikkei Asia.

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.