野村证券 - 中国每周图表集：财政状况依然严峻

Asia Insights Global Markets Research Economics - Asia ex-Japan The weekly China chart book: Fiscal situation remains challenging Last week, we highlighted the better-than-expected January-February activity data mask underlying serious challenges. Today, January-February fiscal data were released and point to a bleak picture. Amid weak domestic demand and heightened deflationary pressures, tax revenues contracted again. Expenditure was underwhelming, as the resumed sharp decline in property-related revenues ...