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20 Apr 2020

China’s Finance Ministry: Fiscal revenue fall was due to coronavirus outbreak and tax relief for firms

China's fiscal revenue fall was due to coronavirus outbreak and tax relief for firms, said that country’s Finance Ministry on Monday.

Key quotes

China March fiscal revenues -26.1% YoY.

China Jan-March fiscal revenues down 14.3% YoY.

China Jan-March fiscal expenditures -5.7 % YoY.

Expects fiscal revenues decline to moderate gradually.

Ministry has allocated 145.2 bln yuan for coronavirus prevention and control as of April 19.

Pressure on local govts to safeguard operations and wages will ease as economy and revenues improve.

China will appropriately increase budget deficit ratio.

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