China Takes In 11.2% Less Fiscal Income as Power Shortage Tax Relief Bites

What’s new: Governments in China brought in 11.2% less fiscal revenue in November than the same month a year earlier, the third straight month of decline, according to Caixin calculations based on Ministry of Finance data (link in Chinese) released Friday.

China’s central and local governments suffered aggregate year-on-year fiscal revenue declines of 0.1% in October and 2.1% in September, according to ministry data. The ministry pinned last month’s drop on the tax relief that the government provided to companies that run coal-fired power plants, heating companies, as well as micro, small and midsize manufacturers.