ECONOMY

Most Chinese Local Governments Lag Behind Annual Revenue Targets

By Liang Minxing, Cheng Siwei and Zhang Yukun

Published: Sep. 27, 2024 9:07 p.m. GMT+8

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More than half of the 31 provincial-level regions on the Chinese mainland lagged behind their annual fiscal revenue growth targets in the first seven months of the year, sending worrying signs for local governments’ fiscal health.

In the period, 16 provincial-level regions failed to keep up with their annual targets for general public budget revenue growth, according to Caixin calculations based on government data. Only six surpassed their targets, while data for the other nine regions were incomplete.

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More than half of China's 31 provincial-level regions missed their fiscal revenue growth targets in the first seven months.
Six regions surpassed their annual targets, while 16 lagged and nine had incomplete data; Inner Mongolia performed the worst, and Chongqing the best.
Revenues were negatively impacted by lingering effects of Covid-19 measures, economic slowdown, and a significant decline in land sales.

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What Happened When

First seven months of 2024：: More than half of the 31 provincial-level regions on the Chinese mainland lagged behind their annual fiscal revenue growth targets.