CHINA

Beijing Expects Large Deficit: China’s finance minister has acknowledged a huge deficit for this year in his budget plan and said he is not sure how his figures will end up because of a major revamping of the financial and tax system. Liu Zhongli told the National People’s Congress, or Parliament, that widespread tax evasion, misuse of funds, false reporting and the drastic overhaul of the tax system made it difficult to fulfill the budget targets. He said the 1994 budget will post a deficit of $7.69 billion under new accounting rules that bring Beijing into line with international practice. Under the old system, last year’s actual deficit was $2.36 billion.