According to the data released on Dec. 16, China’s general public budget revenue dropped by 0.6% year on year to 19,901 billion yuan, during the first 11 months of 2024.
Specifically, the central government collected 8,938.2 billion yuan in revenue, down 2.5% on the year-on-year basis, while the local governments saw the revenue up 1.1% year on year to 10,962.8 billion yuan.
As for the fiscal spending, China had a year-on-year increase of 2.8% in the general public budget spending, to 24,505.3 billion yuan, during the same period of this year.
Specifically, the central government witnessed a year-on-year increase of 8.1% in the spending, to 3,600 billion yuan, while the local governments spent 20,905.3 billion yuan, up 1.9% year on year.
Reference: People’s Daily
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