China's Jan-Sept fiscal revenue growth slows to 5.1%, spending to 1%; land sale revenue falls 27.9%
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China's Ministry of Finance reported that the country's fiscal revenue grew 5.1% year-on-year in the first nine months of the year, while fiscal expenditure rose 1%, both marking slower growth rates than earlier in the year. The ministry also disclosed that revenue from land sales fell 27.9% over the same January-September period. The data, released by the Ministry of Finance and reported by Reuters, points to continued pressure on government finances amid a prolonged property market downturn that has weighed heavily on local government land sale income, a key source of revenue for many regional authorities.
Source report
China's fiscal revenue and expenditure growth both slowed in the first nine months of the year, according to the Ministry of Finance.
- Fiscal revenue rose 5.1% year-on-year.
- Fiscal expenditure increased 1% year-on-year.
- Revenue from land sales fell 27.9%.
Source
rtrsWestern
Part of this Story
China's Land Use Rights Revenue Falls 27.9% as Fiscal Growth Slows to 5.1%