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China’s Fiscal Spending Outpaces Revenue
Early surge in budget outlays contrasts with weak revenue growth
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China’s Fiscal Spending Outpaces Revenue

Surging tax receipts from an active stock market mask sluggish government expenditure and a prolonged property slump

Higher prices, stronger imports and tighter tax compliance lift March revenue, but weak land sales remain a drag

Robust corporate tax receipts boost general budget, even as plunge in land revenues squeezes local finances

Recovering producer prices boost tax receipts while weak land sales continue to pressure local finances

As the era of land-based finance fades, Beijing must ramp up special-purpose bonds and policy tools to plug a widening government…

A look beyond headline growth figures reveals how provinces are relying on the monetization of state assets to fill in the gaps…