The augmented fiscal deficit was 7.75 trillion yuan in January to November, according to Bloomberg calculations based onfrom the Ministry of Finance. That was more than double the same period last year and larger than in 2020, when the economy was battered by the initial Covid outbreak and growth was the slowest in decades.
The worsening deficit underscores just how bad the economy was at the end of November, shortly before the government in Beijing effectively scrapped its strict policy of trying to contain Covid infections. The lockdowns, testing and quarantine rules that were key to the Covid-Zero policy put a strain on consumer and business spending, pushing the economy close to contraction in the second quarter. A surge in infections this quarter has already caused a drop in retail sales in October and November.The Covid policy was also increasingly expensive to maintain.
Nederland Laatste Nieuws, Nederland Headlines
Similar News:Je kunt ook nieuwsberichten lezen die vergelijkbaar zijn met deze die we uit andere nieuwsbronnen hebben verzameld.
Secondary strike fails to rock Makro owner as employees show 'zero interest' | BusinessA secondary strike by the SA Commercial, Catering, and Allied Workers Union at Massmart's operations had no impact on operations, the group said. | News24_Business _Business Staff on strike, staff at work no one cares anymore 😂😂 _Business Worldwide Massmart is closing thousands of stores because of labour issues, costs & reduced sales. What do these 'things' in South Africa do? Strike! ?
Bron: News24 - 🏆 4. / 80 Lees verder »
Business Maverick: Rolls-Royce Engine Key to Zero-Carbon Flights Ready for TestingRolls-Royce Holdings Plc said a new aircraft engine designed to slash carbon production over coming decades is ready to be fired up in ground-based tests. There's a lot of talk of burning hydrogen because 'the only emission is water'. I've also heard that water is a far more potent greenhouse gas than co2.
Bron: dailymaverick - 🏆 3. / 84 Lees verder »