More than half of the 31 provincial-level regions on the Chinese mainland lagged behind their annual fiscal revenue growth targets in the first seven months of the year, sending worrying signs for local governments’ fiscal health, reports Caixin. In the period, 16 provincial-level regions failed to keep up with their annual targets for general public budget revenue growth, according to Caixin calculations based on government data. Only six surpassed their targets, while data for the other nine regions were incomplete.
The Inner Mongolia autonomous region fared the worst, while the municipality of Chongqing in Southwest China surpassed its annual goal by the most.
Judging by 2023 data, provincial-level regions that lag behind their annual revenue growth targets in the first seven months are unlikely to close the gap in the remaining months of the year to meet their annual targets.