MNI China Daily Summary: Thursday, February 20

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CHINA PRESS: Local Governments Expect Low Fiscal Revenue In 2025

CHINA PRESS
EM BulletAPACChinaEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

A total of 29 provinces expect their fiscal income growth to be lower than 5% y/y, with most seeing growth between 2-3%, Yicai.com reported, adding that Tibet and Xinjiang anticipated 10% growth. The continuous decline in PPI has weakened the tax-paying capacity of key industries, while property adjustments and U.S. tariff threats added pressure to revenue intake, stated Yuekai Securities Chief Economist Luo Zhiheng. Luo noted many regions have limited room to revitalise assets and resources to boost non-tax revenue after already making efforts for several years.

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A total of 29 provinces expect their fiscal income growth to be lower than 5% y/y, with most seeing growth between 2-3%, Yicai.com reported, adding that Tibet and Xinjiang anticipated 10% growth. The continuous decline in PPI has weakened the tax-paying capacity of key industries, while property adjustments and U.S. tariff threats added pressure to revenue intake, stated Yuekai Securities Chief Economist Luo Zhiheng. Luo noted many regions have limited room to revitalise assets and resources to boost non-tax revenue after already making efforts for several years.