China's Government Fund Budget Revenue Falls 18.6% to 2.5 Trillion Yuan in First Three Quarters
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China's Ministry of Finance reported on October 23 that nationwide government fund budget revenue for the first three quarters reached 2.501 trillion yuan, down 18.6% year-on-year. Central government fund budget revenue rose 12.4% to 368.2 billion yuan, while local government fund budget revenue at the same level fell 22.3% to 2.1328 trillion yuan. Within local revenue, state-owned land use rights transfer income dropped 27.9% to 1.6087 trillion yuan. The data highlights continued pressure on local government finances, particularly from weaker land sales, a key revenue source for local authorities.
Source report
October 23 — Data released by the Ministry of Finance shows that in the first three quarters, China's national government fund budget revenue totaled 250.1 billion yuan, down 18.6% year-on-year.
Breakdown by Level
- Central government fund budget revenue: 36.82 billion yuan, up 12.4% year-on-year.
- Local government fund budget revenue at the corresponding level: 213.28 billion yuan, down 22.3% year-on-year.
- Of which, revenue from the transfer of state-owned land use rights: 160.87 billion yuan, down 27.9% year-on-year.
Source
domesticEastern
Part of this Story
China's Land Use Rights Revenue Falls 27.9% as Fiscal Growth Slows to 5.1%