Fiscal spending rose at quadruple the rate of revenue growth in October

China’s fiscal spending surged 36.1% in October year-on-year to RMB1.35 trillion (US$210 billion) as fiscal revenue rose 8.7% to RMB1.44 trillion, Bloomberg reported, citing a statement from the Ministry of Finance. “With downward economic pressure and structural tax and fee cuts, fiscal revenue will face considerable difficulties in the next two months,” the Ministry of Finance said in the statement. “As revenue growth slows, fiscal expenditure has clearly been expedited to ensure that all key spending is completed.” Fiscal spending for the first ten months of the year grew 18.1%, while revenue increased 7.7%.