March 24, 2019 / 4:37 AM / 7 months ago

China finance minister says balancing budget revenue and spending difficult this year

FILE PHOTO: Chinese Finance Minister Liu Kun attends a news conference during the ongoing National People's Congress (NPC), China's parliamentary body, in Beijing, China March 7, 2019. REUTERS/Jason Lee

BEIJING (Reuters) - China’s Finance Minister, Liu Kun, said on Sunday it will be difficult for the government to balance its budget revenue and spending this year due to various tax and fee cuts planned this year to support growth.

Liu, speaking at the China Development Forum, said the government is still able to balance its budget overall through a variety of means, adding that general central government spending will be cut by more than 10 percent this year.

China plans a 2 trillion yuan ($297.79 billion) reduction in various taxes and fees this year and sees its budget deficit rising slightly to 2.8 percent of its GDP from 2.6 percent last year.

Reporting by Kevin Yao; writing by Beijing Monitoring Desk; Editing by Sam Holmes

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