China Budget Gap Said Set to Widen 50% to $192 Billion
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China plans to increase the budget deficit by 50 percent to 1.2 trillion yuan ($192 billion) in 2013, including the sale of 350 billion yuan of bonds to fund local governments, a person familiar with the matter said.
The central government deficit is budgeted at 850 billion yuan, according to the person, who asked not to be identified as the deliberations are not public. The nation’s leaders target about 8 percent trade growth, down from this year’s 10 percent goal, the person said.