China's budget deficit nears record $1 trillion as economy slows

Chinese authorities have struggled to make ends meet this year as massive tax rebates and the persistent housing market crisis have cut government income sharply

China’s broad fiscal deficit hit an all-time high in the first nine months as Covid outbreaks and a housing market slump continue to erode government income.

The deficit in the budgets for all levels of government was 7.16 trillion yuan ($980 billion), according to Bloomberg calculations based on data released by the Ministry of Finance on Tuesday. That is a record for any comparable period and is almost three times the 2.6 trillion yuan shortfall in January-September last year.

Chinese authorities have struggled to make ends meet this year as massive tax rebates and the persistent housing market crisis have