Economics
China’s Budget Deficit Improves for First Time This Year
- Revenue from land sales in October shrank the least all year
- Analysts say recovery in land sales may not be sustainable
China Customs officers raise a Chinese flag in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s broad fiscal deficit shrank for the first time this year partly on improving property-related income, although caution remained that the recovery may be short-lived.
The deficit in the budgets for all levels of government was 6.66 trillion yuan ($940 billion) in the first 10 months of the year, according to Bloomberg calculations based on data released by the Ministry of Finance. That was smaller than the 7.2 trillion yuan shortfall recorded in the year through September, which was a record high for any comparable period.