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China To Increase 2013 Budget Deficit By 50%: Report

The Chinese government is planning to increase the country's budget deficit by 50 percent in 2013, China Business News reported Thursday, citing unnamed sources.

As a result, the deficit will balloon to CNY 1.2 trillion from an estimated CNY 800 billion this year.

As a percentage of GDP, the deficit will likely rise to 2.1 percent in 2013 from 1.5 percent in 2012.

The newspaper reported that the increase in deficit implies scaling back revenue growth target and introducing tax cuts for companies.

by RTT Staff Writer

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