😎 Summer Sale Exclusive - Up to 50% off AI-powered stock picks by InvestingProCLAIM SALE

China's fiscal revenue drops 2.8% in January-May

Published 06/23/2024, 10:32 PM
Updated 06/24/2024, 12:00 AM
© Reuters. FILE PHOTO: People cross a bridge at Pudong financial district in Shanghai August 11, 2014.  REUTERS/Carlos Barria/File Photo
USD/CNY
-

BEIJING (Reuters) - China's fiscal revenue fell 2.8% in the first five months of 2024 from a year earlier, accelerating from a 2.7% decline in the January-April period, official data showed on Monday, as weak demand drags on the economic recovery.

Fiscal expenditure rose 3.4% in the first five months,versus a 3.5% gain in the first four months, according to finance ministry data.

For May alone, fiscal revenue was down 3.2% year-on-year, compared with a 3.7% slide in April, while fiscal spending grew 2.6% against a 6.1% rise in April, according to Reuters' calculations based on the ministry's data.

China has pledged greater fiscal stimulus to prop up its fragile economy, as an ambitious growth target of around 5% for this year puts pressure on policymakers to fire up domestic activity in the face of mounting trade tensions with the West.

Beijing has kicked off sales of 1 trillion yuan ($137.82 billion) in long-dated special treasury bonds and launched government-subsidised incentives to spur trade-ins of autos and other consumer goods.

© Reuters. FILE PHOTO: People cross a bridge at Pudong financial district in Shanghai August 11, 2014.  REUTERS/Carlos Barria/File Photo

But worsening declines in property investment, sales and some key money gauges hitting record lows have stoked concerns over persistent weakness in domestic demand.

($1 = 7.2559 Chinese yuan renminbi)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.