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In the first half of 2024, 30 provinces in China face a staggering fiscal deficit, reaching $800 billion. This video breaks down the alarming financial situation, with key provinces like Guangdong and Sichuan reporting record deficits. As the Chinese economy grapples with slowing tax revenue, declining corporate profits, and rising unemployment, the government’s financial pressure mounts. Even economically strong regions like Shanghai are barely growing, while others struggle with debt and reduced income. We dive into the root causes of this crisis, including the real estate slump, declining consumer confidence, and the impact on businesses. 30 provinces have large fiscal deficits, and Guangdong, a major economic province, is also facing problems.
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