Nanning Inflated Fiscal Revenue by $417 Million Through Land-Fee Scheme

Authorities in the southern Chinese city of Nanning inflated the local government’s 2024 fiscal revenue by 2.83 billion yuan ($417 million) by shuffling funds through local state-owned enterprises in a sham land-fee scheme, according to a recent disclosure by China’s top anti-graft watchdog.

The deception highlights the severe financial strain and immense pressure to meet economic targets faced by Chinese municipalities as a prolonged property market slump decimates their traditional revenue sources.