Reported about 2 months ago
China's budget spending experienced a decline of 2% in the first seven months of the year, driven by a staggering 40% drop in land sale revenues—the sharpest fall since 2016. This fiscal weakness reveals mounting pressures on the economy as local governments tighten spending amid a housing downturn. Economists are calling for increased fiscal stimulus to bolster economic growth amidst low consumer confidence and ongoing real estate challenges.
Source: YAHOO