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.