China’s local governments are selling off idle properties and mining rights to raise funds as the country’s faltering economy puts pressure on its fiscal revenues, Caixin Global reported.
General public revenue was down 9.2% in the first seven months of this year to $1.8 trillion, said the report, whilst tax revenue, excluding rebates, declined 13.8%.
Read the full report: Caixin Global
China’s Shenzhen, Chengdu Face Covid Mass Testing, Lockdowns
China Factory Activity Dropped Further in August, Data Shows
China Think Tank Urges Scrapping of ‘Zero Covid’ Policy – AP