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China's budget deficit to shrink to pre-pandemic 2.8% of GDP on windfall

One-time funding gains mask local revenue shortfalls and looming retirement wave

People walk in Beijing. China's budget for 2022 is projected to raise spending 8.4%, partly for social security, employment and education outlays.   © Reuters

BEIJING -- China's budget deficit is on track to narrow to pre-pandemic levels this year, government estimates show, but this progress owes more to one-off revenue gains than to improved fiscal health.

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