2024 Q1: China's fiscal revenue fell 2.3% YoY, but rose 2.5% after adjustment; expenditure increased 6.7%.
China's fiscal revenue fell 2.3% year-on-year in the first two months of 2024, but rose 2.5% after adjusting on a comparable basis, according to Deputy Finance Minister Liao Min. The fiscal expenditure increased 6.7%, accounting for 15.3% of the annual budget. The decline is attributed to a higher comparative basis from the same period last year and the country's tax and fee reduction incentives to support businesses.
March 21, 2024
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