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Growth slowdown bites into fiscal revenues
China's fiscal revenue growth slowed sharply in 2012 due to slowing economic growth and tax breaks, the Ministry of Finance said on Tuesday. National fiscal revenues rose 12.8 percent year-on-year to 11.7 trillion yuan ($1.9 trillion), with the growth rate dropping 12.2 percentage points from a year earlier, the ministry said. It attributed the slowdown to a softening economy, weakening corporate profits, milder inflation and structural tax breaks.
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