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China’s Third Plenum: Xi vows to restructure finances, help indebted localities
President Xi Jinping unveiled sweeping plans to shore up the finances of China’s debt-ridden local governments as the ruling Communist Party announced its long-term blueprint for the world’s second-largest economy.
China’s top leader outlined measures to resolve the debt crisis facing regional authorities in a document of nearly 22,200 characters resolution The official Xinhua News Agency reported on Sunday. These plans focused on shifting more revenue from central to local coffers, such as allowing regional governments to receive a larger share of consumption tax.