China's budget deficit has reached a record high so far this year, and the deed tax revenue paid when buying and selling properties has fallen by 23.8% year-on-year.
(Bloomberg)
[Financial Channel/Comprehensive Report] Bloomberg reported on Tuesday (20th) that China's generalized budget deficit has hit a record high so far this year, as government revenue continues to shrink as the economy slows and the Covid-zero policy continues to shrink, while spending grows.
According to data from China’s Ministry of Finance, the fiscal deficit in a broad sense from January to November was 7.75 trillion yuan (nearly NT$34 trillion).
The financial status of the augmented concept includes the main general public budget and the capital budget of all levels of government.
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General public revenue contracted 3 percent to 18.55 trillion yuan in the first 11 months of this year, compared with a 4.5 percent decline in October.
The deed tax income paid when buying and selling real estate decreased by 23.8% annually; general public expenditure was 22.73 trillion yuan, an annual increase of 6.2%; the government’s income from selling land use rights decreased by 24.4% annually.
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