A second Chinese province has admitted to severely distorting fiscal and economic data and has announced that it will put several major public projects on hold in order to rein in its government debt, the South China Morning Post reports.
The confession by the Inner Mongolia autonomous region government comes after Beijing made preventing financial risk one of its top economic priorities for the next three years at a key policy conference last month.
Inner Mongolia’s industrial output for 2016 should be revised down 40% and its annual fiscal revenue by 26%, the provincial authorities said, according to a Xinhua report on Wednesday.
The northeastern province of Liaoning made a similar confession last January, when the authorities said several cities and counties had made up fiscal data between 2011 and 2014.
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