China Misses Fiscal Spending Target on Effects of Housing Slump
- Total augmented spending for 2024 was 5% less than budgeted
- Housing slump leaves local governments strapped for cash
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China’s government failed to meet its spending target for last year, as the housing market slump left local governments strapped for cash and unable to meet funding commitments.
Total augmented spending was 38.6 trillion yuan ($5.3 trillion) for 2024, according to a statement from the Ministry of Finance on Friday. That’s 5% less than what was budgeted in March.