Jul 23, 2024 02:59 AM
ECONOMY
Real Estate Slump Drags Down China’s June Land Sales Revenue by 35.3%
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What’s new: The decline in China’s fiscal revenue was softened slightly in June thanks to the ongoing recovery of the economy, but revenue from land sales continued to fall as the property slump dragged on.
National general public budget revenue fell by 2.6% year-on-year in June, an improvement from the 3.2% decline in May, data released Monday by the Ministry of Finance shows.
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- China's national general public budget revenue fell by 2.6% year-on-year in June, improving from May's 3.2% decline.
- Tax revenue dropped by 8.5%, while non-tax revenue rose by 16.4%; corporate income tax fell sharply by 26.8%.
- Land sales revenue declined by 35.3% in June, impacting related tax revenues like deed tax and property tax.
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What Happened When
- July 2022：
- Biggest monthly drop in land sales revenue since this date.
- May 2024：
- National general public budget revenue fell by 3.2% year-on-year.
- May 2024：
- Corporate income tax dropped by 10.6% year-on-year.
- May 2024：
- Personal income tax fell by 1.2% year-on-year.
- June 2024：
- National general public budget revenue fell by 2.6% year-on-year.
- June 2024：
- Corporate income tax experienced a sharp decline, falling 26.8% year-on-year.
- June 2024：
- Personal income tax fell by 4% year-on-year.
- June 2024：
- Land sales revenue declined by 35.3%, the biggest monthly drop since July 2022.
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