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OverviewAPI
China's leaders have agreed to run a budget deficit of 3% of GDP in 2024, with plans to issue special sovereign bonds to cover additional expenditures. The government aims to maintain fiscal discipline while providing necessary stimulus to support the economy. The fiscal stance is influenced by concerns over debt-laden local governments and state firms, as well as the property crisis. Ratings agency Moody's downgraded China's sovereign rating due to these challenges.

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