BEIJING: China's fiscal revenue fell 2.6% in the first seven months of 2024 from a year earlier, narrowing slightly from a 2.8% slide in the first half, finance ministry data showed on Monday, as the economy struggles for a pick up in growth.
Fiscal expenditure grew 2.5% in the January-July period, versus a 2% increase in the first half.
For July alone, fiscal revenue fell 1.9% on year, narrowing from a 2.6% decline in June, while fiscal spending jumped 6.6%, compared with a 3% fall in June, according to Reuters' calculations based on the ministry's data.
July economic data, including a fall in household loans and a slow down in industrial output growth, points to underlying demand weakness and the need for bolder stimulus measures, analysts have said.
China's leaders signalled at a key policy meeting at the end of July that fiscal support for the rest of the year will "focus on consumption", days after they unveiled plans to support trade-ins for consumer goods. - Reuters
