Reported 11 months ago
China's fiscal revenue has dropped at the fastest rate in over a year, leading to speculations that the government might consider another mid-year budget adjustment to support economic recovery. Total revenues, including general public and government funds budgets, fell by 4.1% in January-May compared to last year, amounting to 11.36 trillion yuan ($1.6 trillion). As economic growth slowed and land sales income decreased due to a property market downturn, the fiscal deficit widened to 2.25 trillion yuan. To boost the economy, there are calls for Beijing to increase the budget deficit, sell more sovereign debt, and potentially issue additional sovereign bonds to reach the full-year growth target of around 5%.
Source: YAHOO