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China's budget deficit widens 600% as Covid-19 pandemic cuts revenue

The deficit in the budgets for all levels of government was 5.1 trillion yuan ($758 billion), according to Bloomberg calculations based on data from the Ministry of Finance released Thursday

China, China economy, Economy
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Revenue from the sale of land dropped 31.4 per cent on year in the first six months of 2022 to 2.4 trillion yuan.

Agencies
China’s broad budget deficit in the first six months of the year widened to a record as government spending climbed and falling land sales and tax cuts cut income.  

The deficit in the budgets for all levels of government was 5.1 trillion yuan ($758 billion), according to Bloomberg calculations based on data from the Ministry of Finance released Thursday. That was the highest ever for the first half period and compares with a shortfall of just 718 billion yuan in the first half of last year and a gap of 3.4 trillion yuan at the same point in 2020.

China’s finances have