China Vows to Keep Up Spending in 2024 After Stimulus Cut

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The budget data showed governments at all levels in China earned around 5.8 trillion yuan in revenue selling land last year, down 13% from 2022 and the lowest annual figure since 2017

(Bloomberg) — China pledged to keep spending this year despite a property market slump weighing on key government revenue sources, raising hopes that fiscal expansion can provide more support for a slowing economy.

Fiscal spending in 2024 will be maintained at a “necessary intensity,” Ministry of Finance officials said Thursday. Hours later, data showed that Beijing withdrew stimulus last year, with 2023’s overall deficit at 8.84 trillion yuan ($1.2 trillion). That was lower both in absolute terms and as a share of gross domestic product than the previous year, according to Bloomberg calculations based on official data.