HONG KONG -- China's move to roll out an unprecedented 1.5 trillion yuan ($220 billion) tax rebate program could not have come soon enough for Henan Yicheng New Energy.
VAT refunds are heaping pressure on local governments already forced to take on a bigger share of China's overall tax bill -- just as revenue from land-use rights is drying up. © Illustration by Nakako Shiotsuki
Asia Insight
China's hefty tax rebates batter COVID-hit local governments
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