The expansion of Chinese government fiscal revenue slowed last month compared to January and February of this year, holding back an already flagging recovery weakened by Covid-related lockdowns, reports Reuters. Last month’s government fiscal revenue rose 3.42% year-on-year to RMB 1.5834 trillion ($91.03 billion), slowing from a 10.5% growth in January-February, according to Reuters calculations based on the official data.
The country’s fiscal spending growth accelerated to 10.4% year-on-year to RMB 2.536 trillion in March, after a 7.0% growth in January-February. For the entire quarter, fiscal revenue rose 8.6% while spending was up 8.3%.
For March, land sales revenues fell 22.84% from a year earlier to RMB 403.6 billion, after a 29.5% plunge in the first two months, as cash-strapped developers grew cautious about land purchases.