June 12, 2020 / 5:48 AM / 25 days ago

China to ensure centrally allocated funds reach local levels directly: finance ministry

BEIJING (Reuters) - China will ensure the special fiscal funds allocated from the central government this year would reach city and county levels directly to support firms and residents in difficulties, a vice finance minister Xu Hongcai told reporters on Friday.

The government has said it would set up special transfer payments of 2 trillion yuan from special treasury bonds and an increase budget deficit to local governments.

Reporting by Kevin Yao; Editing by Shri Navaratnam

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