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China’s Fiscal Spending Contracts at Fastest Pace in Four Years
China’s Fiscal Spending Contracts at Fastest Pace in Four Years
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BTCCSquare news:
China's fiscal spending plummeted 19% year-on-year in October, marking the sharpest contraction since 2019. The Ministry of Finance reported expenditures of just 2.37 trillion yuan ($334 billion) across primary budget accounts—a downturn coinciding with broad economic weakness.
Goldman Sachs analysts noted the augmented fiscal deficit shrank significantly, signaling reduced government support for growth. Fixed-asset investment collapsed at unprecedented rates as capital flowed toward debt servicing rather than infrastructure projects. The much-touted 500 billion yuan stimulus package announced in late September has yet to materialize in economic data.
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