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China falls into budget deficit as spending balloons
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| Contributor | kal |
| Last Edited | kal Feb 03, 2009 05:19am |
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| Category | General |
| Media | Newspaper - Daily Telegraph |
| News Date | Tuesday, February 3, 2009 11:00:00 AM UTC0:0 |
| Description | China's attempts to spend its way out of economic depression led to a fiscal deficit of 111bn yuan (£12bn) last year.
Despite a near 20pc rise in tax revenues and a record surplus of 1.19 trillion yuan (£128bn) in the first six months of the year, the dramatic scale of government spending in November and December was enough to plunge the entire year into deficit.
The figures are the first indication of how quickly and forcefully China reacted to the economic crisis after it announced a fiscal stimulus package of 4 trillion yuan in November to build new roads, railways, schools and hospitals.
Government spending in December surged to 1.66 trillion yuan, more than triple the previous month's total and 31pc higher compared to the same month last year.
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