CX Daily: Chinese Local Governments Foresee Heightened Fiscal Pressure

Fiscal /

In Depth: Chinese local governments foresee heightened fiscal pressure

Chinese local governments anticipate greater fiscal pressure in 2025, with many setting conservative revenue targets for the year, as they face economic hurdles including persistently weak prices and an ailing property market.

The Chinese mainland’s 31 provincial-level regions posted widely diverging performance in their 2024 general public budget (GPB) revenues, with five showing year-on-year declines, 23 posting growth rates between 0.2% and 6.6%, and three pulling off double-digit growth, according to Caixin’s analysis of government reports.