China's budget revenue fell by 2.7 percent in the first 4 months

The Chinese Ministry of Finance announced the budget performance for the January-April 2024 period. Accordingly, total budget revenue fell by 2.7 percent year-on-year to 8.09 trillion yuan (approximately 1 trillion 111 billion dollars).

During the same period, budget expenditures recorded a 3.5 percent increase, rising to 8.95 trillion yuan (approximately 1 trillion 237 billion dollars).

BUDGET DEFICIT OF 116 BILLION DOLLARS

The budget deficit for this period was 840 billion yuan (approximately 116 billion dollars).

While the central government's budget revenue decreased by 6.2 percent compared to last year, local governments' budget revenue increased by 0.1 percent.

The Chinese government had set a target in its work report presented to the National People's Congress in March for the budget deficit-to-GDP ratio not to exceed 3 percent in 2024.

News Source: 12punto