China fights local budget corruption with 'economic constitution'

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China’s National People’s Congresshas revised the country's budget law. The amended law now requires local governments to publicize their annual budgets. This is considered so important that some are calling it the “Economic Constitution,” according to a report by China Daily. The revision “will prove a milestone in China’s fiscal history, as it will make the government’s collection of taxes and fees and distribution of its fiscal money to become more law-based and transparent,” the English-language paper reports.

Read the story by Dexter Roberts in Bloomberg Businessweek.

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