China vice-premier signals reform to reshape central-local finances amid funding pressure

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Against a backdrop of softened economic growth and slumping land-transfer proceeds that are squeezing local coffers across China, the nation’s top-ranked vice-premier has cast the spotlight on reforms to realign fiscal ties between the central and local governments.During an inspection tour of Anhui province on Tuesday and Wednesday, Ding Xuexiang attended a symposium on “pilot scientific fiscal management” programmes, and Xinhua reported that the vice-premier said Beijing would “increase local...