Key facts
- China's fiscal revenue growth accelerated in June.
- Corporate tax receipts surged, contributing to the revenue increase.
- Revenue from local government land sales continued to decline significantly.
China's fiscal revenue experienced an acceleration in growth during June, primarily fueled by a substantial increase in corporate tax receipts. This positive trend in overall fiscal revenue occurred even as local governments faced a worsening decline in income from land sales. The data, which combines January and February figures for year-on-year change, indicates a divergence between corporate tax performance and land sale revenue.