The growth of fiscal revenue for the first half of the year in East China’s Zhejiang province reached 4.4 percent, 2.7 percentage points lower than the increase of the first quarter, according to a report released by the Zhejiang Provincial People’s Congress Standing Committee on July 25.
The rate has been declining for the past 10 months.
Although the pressure on fiscal revenue is getting tough, fiscal expenditures are maintaining their growth with an increase of 10.8 percent.
The gap between the growth rates of revenues and expenditures is expected to grow, according to the report.
A total of 14 cities and villages in the province are seeing lower rates of growth in fiscal revenues.
The provincial government suggested that restrictions in the property market, the slowdown of the overall economy as well as other reasons caused the sharp slump in the growth of fiscal revenue.