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3 weeks ago | 
caixinglobal.com | Cheng Siwei |Qing Na
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China reported better-than-expected year-on-year GDP growth of 5.4% in the first quarter, which was in stark contrast to the country’s fiscal performance — tax revenue fell 3.5% in the period, continuing a broader downward trend that began at the end of 2023.
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2 months ago | 
caixinglobal.com | Cheng Siwei |Denise Jia
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2 months ago | 
caixinglobal.com | Cheng Siwei |Denise Jia
In the wake of China’s slow post-pandemic economic recovery and local governments’ shrinking revenue from land sales amid a prolonged real estate slump, the country is launching an overhaul of its fiscal system to redefine central-local financial relations.
The reform push, outlined at the Communist Party’s Third Plenary Session in July, calls for a series of tax and budgetary changes to be completed by 2029.
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2 months ago | 
caixinglobal.com | Cheng Siwei |Qing Na
Explore the story in 3 minutesIn 2025, Chinese local governments are bracing for increased fiscal pressure due to economic challenges such as weak price growth and a struggling property market, culminating in conservative revenue targets for the year [para. 1].
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2 months ago | 
caixinglobal.com | Cheng Siwei |Qing Na
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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.
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2 months ago | 
caixinglobal.com | Cheng Siwei |Qing Na
Shenzhen, China’s third-largest city in terms of GDP, is likely to have seen a drop in its fiscal revenue last year for the first time since 1990, underscoring the struggles facing local governments across China to increase their financial resources amid sluggish economic growth.
The city government has yet to issue its annual work report, which will provide details of its economic performance in 2024, including fiscal revenue.
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Jan 15, 2025 | 
caixinglobal.com | Cheng Siwei |Qing Na
Explore the story in 3 minutesChina is simplifying its approval processes for special-purpose bonds (SPBs), allowing local governments more control over the issuance and project approvals to drive economic growth[para. 1]. Analysts support this move for its potential to quicken the use of SPB funds and reduce idle funds, though repayment concerns remain due to inadequate project returns[para. 2][para. 4].
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Jan 15, 2025 | 
caixinglobal.com | Cheng Siwei |Caixin Weekly
文｜财新周刊 程思炜By Cheng Siwei, Caixin Weekly 伴随2015年新《预算法》实施而正式推出、为地方政府建设融资“开前门”的地方政府专项债券，迎来十年来最大一次制度调整。Accompanying the implementation of the new "Budget Law" in 2015, which officially introduced local government special bonds to create a legitimate channel for local government construction financing, these bonds are now experiencing the largest structural adjustment in a decade.
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Jan 15, 2025 | 
caixinglobal.com | Cheng Siwei |Qing Na
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China’s local governments will have more say in the trillions of yuan of special-purpose bonds (SPB) they issue each year, as the cabinet simplifies approval procedures and expands the areas that the proceeds can be invested in as the country seeks to shore up economic growth.
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Nov 26, 2024 | 
caixinglobal.com | Yu Hairong |Ding Feng |Cheng Siwei |Zhang Yukun
Explore the story in 3 minutesThe November 8 announcement by China’s Ministry of Finance reveals a significant 10 trillion yuan ($1.4 trillion) package devised to aid local governments in managing their hidden debt.
