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.
- Large Railroad Manufacturers Said to Consider Merger
- Village Remake
- APEC Preview
- Skies Overhead
- Two or Three Things about Mr. Lu Xun
- Film: The White Haired Witch of Lunar Kingdom
- Exhibition: The Past
- Wake up, Europe
- Caixin Podcast: Apple's Online Payment Moves in China
- Caixin Podcast: Fare Enough for Beijing's Subways?
- Sign up to receive our free daily newsletter
- Rise and Fall of a Coal Boomtown in Shanxi Province
- Chinese Comfort Women: Testimonies from Imperial Japan's Sex Slaves
- Researchers Cast Doubt on State Council Goals to Cut Air Pollution
- Which Way for Smartphone Swipe and Pay?
- What is Authoritarianism?
- Zuckerberg Impresses Tsinghua Students with His Chinese, Even Talks Tech
- For China's Property Market, All Is Not Lost
- Alibaba Shopping Site Red-Faced after Number of Phone Orders Faked
- Cai Jinyong: A Chinese Voice at the Top of IFC
- Ministry Said to Propose Local Gov'ts Issuing Bonds to Cover Debts