China’s Fiscal Revenue Slips as Land-Sale Slump Deepens

China’s general public budget revenue fell for the first time this year in September, while a deepening slump in land sales added to financial pressure on local governments following the rollout of new property market measures in late August.

The revenue decline, coupled with the lowest nine-month budget execution rate in six years, highlights the strain on local authorities as they contend with a prolonged real estate downturn.