China's fiscal revenue drops 2.8% in January-May
BEIJING - 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.
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. Beijing has kicked off sales of 1 trillion yuan in long-dated special treasury bonds and launched government-subsidised incentives to spur trade-ins of autos and other consumer goods.
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