China's fiscal revenue growth speeds up, but land sales earnings slide

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BEIJING -China's fiscal revenue growth picked up pace in September from a month earlier, according to Reuters calculations based on official data on Tuesday, but declining government land sales revenue signalled deepening weakness in the property sector.For September alone, fiscal revenue grew 8.4 per cent f

BEIJING -China's fiscal revenue growth picked up pace in September from a month earlier, according to Reuters calculations based on official data on Tuesday, but declining government land sales revenue signalled deepening weakness in the property sector.

Third-quarter revenues were also better than expected, helped by a raft of government measures. September activity data showed strong industrial output, but the slower exports growth and sluggish retail sales challenged a more robust revival in the longer term. Government revenue from land sales fell 26.4 per cent year-on-year in September after a 4.9 per cent drop in August, according to Reuters calculations based on official data, weighed on by still-stretched financing conditions for developers and weak property market sentiment.

 

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