China Implements First Fiscal Deficit Cut Since 2023

The Chinese Central Bank announced a reduction in the cumulative financial deficit for the first time in over two years, decreasing by 4.1% during the first five months of the year to reach 3.16 trillion yuan ($466 billion), despite declining domestic demand and a slowdown in economic growth. Government spending declined by 3.9% last month, while public revenues increased by 0.8%. This comes amid China's adoption of austerity measures that lead to reduced infrastructure spending and support for exports, while it is expected that economic growth will remain weak, approaching the lower end of the government's target.

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