中国：12 月财政收入增速大幅下滑，支出增速改善；更新 2026 年财政赤字预测-China_ Fiscal revenue growth declined sharply in December while expenditure growth improved; updating our 2026 AFD forecast
2026-02-02 02:42
31 January 2026 | 11:57AM HKT Economics Research China: Fiscal revenue growth declined sharply in December while expenditure growth improved; updating our 2026 AFD forecast Bottom line: On-budget fiscal revenue growth declined sharply in December in year-on-year terms, mainly due to a high base, though in sequential terms, it also fell slightly. Tax and non-tax revenue growth both weakened significantly in December, while on-budget fiscal expenditure growth improved modestly. Property-related government rev ...