THE BRIEF: The Local vs. Central Divide
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THE BRIEF: The Local vs. Central Divide
Charting local and central government finances, consumer confidence, unemployment
TL;DR
China’s local governments operate in a deficit while the central government enjoys a surplus. Local governments likely won’t be able to boost year-end revenues with land transfers because of the persistent property slump.
Consumer confidence fell off a cliff in April and has not recovered. Youth unemployment remains high. Monetary policy may be out…
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