Fiscal slump continues
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China’s fiscal revenue isn’t looking too good.
According to finance ministry (MoF) data:
In April, general fiscal revenue fell 3.7 % y/y, widening from a 2.4% decline in March.
Revenue from value-added tax (VAT) and individual income tax (IIT) registered the largest falls, down 9.6% and 18.8% y/y, ...