China's fiscal revenue decline narrows in January-July
Adds finance ministry comment in paragraphs 4-5
BEIJING, Aug 26 (Reuters) -China's fiscal revenue fell 2.6% in the first seven months of 2024 from a year earlier, narrowing slightly from a 2.8% slide in the first half, finance ministry data showed on Monday, as the economy struggles for a pick-up in growth.
Fiscal expenditure grew 2.5% in the January-July period, versus a 2% increase in the first half.
For July alone, fiscal revenue fell 1.9% on year, narrowing from a 2.6% decline in June, while fiscal spending jumped 6.6%, compared with a 3% fall in June, according to Reuters' calculations based on the ministry's data.
Fiscal revenue has been running at low levels, partly due to a high base last year, state media reported, citing the finance ministry.
The ministry said in a statement that macro-policy implementation in the coming months and the fading year-earlier effects will "underpin fiscal revenue growth." It also expected fiscal spending to steadily rise.
July economic data, including a fall in household loans and a slowdown in industrial output growth, points to underlying demand weakness and the need for bolder stimulus measures, analysts have said.
China's leaders signalled at a key policy meeting at the end of July that fiscal support for the rest of the year will "focus on consumption", days after they unveiled plans to support trade-ins for consumer goods.
Reporting by Qiaoyi Li and Ryan Woo; Editing by Neil Fullick and Jacqueline Wong
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