Local governments are cutting back on planned expenditure to meet the burden of Beijing’s zero-Covid policy. Photo: Bloomberg
Local governments are cutting back on planned expenditure to meet the burden of Beijing’s zero-Covid policy. Photo: Bloomberg

China’s coronavirus-induced economic slowdown forces local governments to slash spending

  • Several local authorities have recently reduced their revenue targets for the year, citing the property market slump, tumbling tax takes and Covid-19 outbreaks
  • Naan district in Chongqing will cut budgeted expenditure by 229.87 million yuan, saying the slowing economy is putting ‘unprecedented’ pressure on finances

Local governments are cutting back on planned expenditure to meet the burden of Beijing’s zero-Covid policy. Photo: Bloomberg
Local governments are cutting back on planned expenditure to meet the burden of Beijing’s zero-Covid policy. Photo: Bloomberg
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