Chinese Provinces Cut 2022 Fiscal Revenue Growth Targets

What’s new: Most Chinese provincial-level regions are growing pessimistic about their fiscal revenue outlook for 2022 and are slashing budget revenue targets.

Among the 25 provinces that have released fiscal budget plans for 2022, only Henan and Tibet set a goal for 2022 budget revenue to grow faster than last year.

Henan didn’t meet its fiscal revenue goal last year due to the impact of floods and the pandemic. The faster growth target for 2022 reflects a lower base last year. Tibet’s 2021 revenue declined 3.6% in 2021, the only province with a contraction.