Atin Ito First Filipino Community Newspaper in Ontario
BEIJING — China’s fiscal revenue fell 2.8 percent in the first five months of 2024 from a year earlier, accelerating from a 2.7 percent decline in the January-April period, official data showed on Monday, as weak demand drags on the economic recovery.
Fiscal expenditure rose 3.4 percent in the first five months, versus a 3.5 percent gain in the first four months, according to finance ministry data.
For May alone, fiscal revenue was down 3.2 percent year on year, compared with a 3.7 percent slide in April, while fiscal spending grew 2.6 percent against a 6.1 percent rise in April, according to Reuters’ calculations based on the ministry’s data.
China has pledged greater fiscal stimulus to prop up its fragile economy, as an ambitious growth target of around 5 percent for this year puts pressure on policymakers to fire up domestic activity in the face of mounting trade tensions with the West.
Beijing has kicked off sales of 1 trillion yuan ($137.82 billion) in long-dated special treasury bonds and launched government-subsidized incentives to spur trade-ins of autos and other consumer goods.
But worsening declines in property investment, sales and some key money gauges hitting record lows have stoked concerns over persistent weakness in domestic demand.
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