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Local government revenue growth slumps in January

16 February 2012

China's local governments suffered last month a slump in budgetary revenue growth, raising further doubts over the ability of local governments to service their debts and drive fixed asset investment projects. We think that constrained local budget revenue growth puts extra pressure on state banks to roll over local government debt, hampers fixed asset investment initiatives at the local level and obliges Beijing to keep liquidity policy in a loosening trend for as long as inflation permits.

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CHINA CONFIDENTIAL FUNDS

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