Executive Summary | p. 1 |
Zhu Rongji's "New Deal" | p. 5 |
Slow Growth of Budget Revenues and Big Change in Their Composition | p. 8 |
Extra-budgetary and Off-budgetary Revenue | p. 16 |
Structure of Government Expenditures | p. 17 |
Central and Local Fiscal Relationship | p. 20 |
Implications of Deficit Financing for China | p. 24 |
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