Economic news

China’s fiscal revenue growth slows slightly amid sluggish economic recovery

2022.08.17 14:37

China's fiscal revenue growth slows slightly amid sluggish economic recovery
People walk under a security camera on a street in Beijing, China July 29, 2022. REUTERS/Tingshu Wang

BEIJING (Reuters) – China’s fiscal revenue growth slowed slightly in the January-July period compared to the first six months of the year, finance ministry data showed on Wednesday, as the economy was squeezed by the country’s zero-COVID policy and a property crisis.

Fiscal revenue in the first seven months grew 3.2% from a year earlier, excluding the impact of value-added tax credit rebates, slower slightly than a 3.3% rise in the first six months.

In July alone, fiscal revenue shrank 4.1% from a year earlier, the smallest contraction in 4 months, according to Reuters calculations based on the official data.

Massive tax credit rebates are basically completed, totalling more than 2 trillion yuan ($295.05 billion) since the beginning of the year, China Securities Journal reported on Wednesday, citing the finance ministry.

China’s government land sales for July fell 33.2% year on year, narrowing from a 40% drop in June, according to Reuters calculations based on data from the ministry.

Fiscal spending reached 14.68 trillion yuan in the first seven months, up 6.4% from a year earlier, the finance ministry’s data showed.

July’s grim reading of factory and retail sales indicate the world’s second largest economy is struggling to shake off the second quarter’s hit to growth from strict COVID restrictions.

China will step up support for the economy, urging economically important provinces to take the lead in implementing growth policies, state media reported on Tuesday, citing Premier Li Keqiang.

Policy insiders and analysts expect China’s central bank to take more easing steps, but said it faces limited room to manoeuvre due to worries over rising inflation and capital flight.

($1 = 6.7786 Chinese yuan renminbi)

(This story refiles to fix link in last paragraph)

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,092.28 4.33%
ethereum
Ethereum (ETH) $ 3,492.43 2.57%
tether
Tether (USDT) $ 0.99914 0.04%
xrp
XRP (XRP) $ 2.30 2.38%
bnb
BNB (BNB) $ 702.84 1.75%
solana
Solana (SOL) $ 198.81 4.24%
dogecoin
Dogecoin (DOGE) $ 0.332919 3.74%
usd-coin
USDC (USDC) $ 1.00 0.04%
staked-ether
Lido Staked Ether (STETH) $ 3,487.83 2.65%
cardano
Cardano (ADA) $ 0.923148 2.54%
tron
TRON (TRX) $ 0.257105 2.29%
avalanche-2
Avalanche (AVAX) $ 41.25 7.00%
chainlink
Chainlink (LINK) $ 24.86 3.45%
the-open-network
Toncoin (TON) $ 5.85 4.17%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,144.42 2.71%
shiba-inu
Shiba Inu (SHIB) $ 0.000023 3.66%
sui
Sui (SUI) $ 4.56 1.82%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,721.18 4.27%
hedera-hashgraph
Hedera (HBAR) $ 0.309591 3.88%
stellar
Stellar (XLM) $ 0.388905 5.27%
polkadot
Polkadot (DOT) $ 7.44 2.93%
weth
WETH (WETH) $ 3,492.72 2.56%
hyperliquid
Hyperliquid (HYPE) $ 29.57 1.74%
bitcoin-cash
Bitcoin Cash (BCH) $ 464.14 1.78%
leo-token
LEO Token (LEO) $ 9.55 1.44%
uniswap
Uniswap (UNI) $ 14.20 1.92%
litecoin
Litecoin (LTC) $ 108.17 2.27%
pepe
Pepe (PEPE) $ 0.000019 3.70%
bitget-token
Bitget Token (BGB) $ 5.36 17.14%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,688.03 2.58%
near
NEAR Protocol (NEAR) $ 5.53 2.27%
ethena-usde
Ethena USDe (USDE) $ 0.998601 0.08%
aave
Aave (AAVE) $ 380.17 0.01%
internet-computer
Internet Computer (ICP) $ 11.35 6.21%
aptos
Aptos (APT) $ 9.71 2.82%
usds
USDS (USDS) $ 0.999349 0.08%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.519151 3.30%
crypto-com-chain
Cronos (CRO) $ 0.160744 0.26%
vechain
VeChain (VET) $ 0.052042 8.99%
mantle
Mantle (MNT) $ 1.24 4.24%
ethereum-classic
Ethereum Classic (ETC) $ 27.55 1.89%
render-token
Render (RENDER) $ 7.74 0.39%
bittensor
Bittensor (TAO) $ 505.68 2.60%
monero
Monero (XMR) $ 196.49 4.26%
whitebit
WhiteBIT Coin (WBT) $ 24.87 1.91%
mantra-dao
MANTRA (OM) $ 3.75 0.37%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.36 1.16%
dai
Dai (DAI) $ 0.999875 0.07%
arbitrum
Arbitrum (ARB) $ 0.805083 1.17%
filecoin
Filecoin (FIL) $ 5.37 4.29%