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Finance official warns of fiscal pressure


14:32, December 27, 2012

BEIJING, Dec. 27 (Xinhua) -- A finance ministry official has warned that the Chinese government will face growing fiscal pressure, as an economic downshift is denting fiscal revenues and expenditure keeps rising.

"The conflict between fiscal income and spending will gradually become more prominent in the coming period," Chinese Vice Finance Minister Li Yong said, as quoted in a press release posted on the Ministry of Finance (MOF) website on Wednesday.

Fiscal revenues have increased markedly slower this year due to the softening economy, slipping company profits and government tax breaks that were aimed at stimulating growth, Li said.

At the same time, the government is likely to increase spending in a bid to support economic restructuring, environmental protection and reforms, while outlays for education, healthcare and social security can't be scaled back, he said.

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