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.
- Confucius and the World He Created
- The Lost Novel
- Reinventing the Bicycle in Beijing
- Waiting for the Light
- Baidu, Hospital Association Squabble over Ad Charges
- Deadly Work
- China-U.S. Trade Engagement in Asia Could Be Win-Win
- Baosteel's Listed Arm Had Declines in Revenue, Net Profit in 2014
- Security Ministry Cancels 1.44 Mln Fake Hukou Documents
- Why Raising Retirement Age Is No Cure-All for Population Problems
- Sign up to receive our free daily newsletter
- Kissinger: China, U.S. Must 'Lead in Cooperation'
- Yuan and Gold: Old Enemies Should Finally Become Friends
- Saudi Aramco's Supply to China Potentially Doubling
- New Agenda for China's Feared Family Planners
- Who Is Prince Qing?
- Graphics: AIIB's Aims
- Ex-Police Chief Held for Murder Said to Be Linked to Graft Case
- Sinophobia: Anxiety, Violence, and the Making of Mongolian Identity
- Amid Worsening Pollution, Gov't Moves toward Law on Ecotaxes
- Shrewd Smiles as Online Bankers Test New Tech