Dream on, Athens. When Beijing presented its 2012 budget this week, the main concern from investors was that the government was not going to run a big enough deficit.
But a closer look at the spending plan reveals that China may have a couple of accounting tricks up its sleeve: its true deficit is likely to be quite a bit larger than the finance ministry claimed.
Before delving into the numbers, it is worth emphasising why a bigger deficit in China would actually be a good thing, both in the short term and the long term.
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