Business Standard

China's budget deficit nears record $1 trillion as economy slows

Chinese authorities have struggled to make ends meet this year as massive tax rebates and the persistent housing market crisis have cut government income sharply

China flag
Premium

Repeated lockdowns to contain Covid outbreaks have meant more spending on controlling and testing people, while there’s been demands to spend more on infrastructure to spur economic growth

Bloomberg
China’s broad fiscal deficit hit an all-time high in the first nine months as Covid outbreaks and a housing market slump continue to erode government income.

The deficit in the budgets for all levels of government was 7.16 trillion yuan ($980 billion), according to Bloomberg calculations based on data released by the Ministry of Finance on Tuesday. That is a record for any comparable period and is almost three times the 2.6 trillion yuan shortfall in January-September last year.

Chinese authorities have struggled to make ends meet this year as massive tax rebates and the persistent housing market crisis have

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 26 2022 | 12:11 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com