China's finance ministry has dipped into next year's budget to hand over 400 billion yuan ($59.7 billion) to local governments to cover the cost of tax breaks and fee cuts designed to give businesses a break amid the country's latest wave of COVID-19 outbreaks.
Caixin
China draws from next year's budget for local government handouts
Early release of funds shows Beijing's intent to help regions hit by COVID curbs
China's Ministry of Finance in Beijing. Most of the fresh funds are aimed at supporting local governments in implementing value-added tax credit refunds. © Reuters
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