摘要
China’s 2016 budget deficit target of 3%of GDP confirms expansionary fiscal stance;we estimate 3.8% Tax cuts,instead of spending stimulus,are the major reason for the larger deficit The enlarged deficit will be financed by bond issuance and government depositsSince the 1994 fiscal reform,China’s official budget has been conservative,with the deficit never reaching 3%of GDP.Recendy,however,policy
