China's Fiscal Revenue Drops in 2024

BEIJING (Reuters) – China's fiscal revenue in the first nine months of 2024 fell by 2.2% compared to the previous year, according to finance ministry data released on Friday. This decline is an improvement from the 2.6% drop observed in the January-August period.

Fiscal expenditure, however, experienced a 2.0% growth in the first nine months, which is an increase from the 1.5% growth recorded in the first eight months.

China's economy grew at its slowest pace since early 2023 in the third quarter. Despite better-than-expected consumer and factory output figures last month, the struggling property sector poses significant challenges for Beijing as it seeks to revitalize growth.