Learning to Cope with Lean Times
The growth in local government revenues is undeniably slowing in China. Even in the wealthier regions like Beijing, Shanghai, Zhejiang and Guangdong, revenue growth rates have slid to less than 10 percent year on year from 20 to 30 percent.
In the first seven months of this year, total revenues grew by only 13.8 percent, slower than forecast. Worse, land sales – the main source of income for local governments – have dropped sharply. In the first half of this year, the land transfer fees collected in 300 cities fell 38 per cent from a year ago.
- Problems Listed in Audit Reports Were Seen Before
- Progress on SOEs Means Answering Political Questions
- In Wednesday's Papers: NDRC Approving Fewer Projects, Interbank Interest Rates Rise on Tight Liquidity
- Honeymoon's Over for Sweethearts of SOE Reform
- The Real Way to Cut Gov't Influence over Economy
- The European Experiment, Three Years On
- Risks in Financing Platforms Pose a Challenge, CBRC Says
- Lean In
- China's Open Source Hardware Movement
- Goldman Sachs Sells Last ICBC Shares
- Sign up to receive our free daily newsletter
- Too Big To Fail Is Bigger than Ever
- Why Foxconn's Switch to Robots Hasn't Been Automatic
- Marriage, Sex and Character
- Playing the Long Game
- Investment Company Asks: Can We Legally Short Sell?
- The Real Reason the Stock Market Is Slumping
- Teams to Draft Reform Topics for Party Congress Set up
- Is China Welcome in the Arctic?
- Errors of Aggression Catch up with Underwriter
- Graphics: Defining the Chinese Dream