China's Industry Ministry statement:
- China's industrial sector faces difficulties and challenges such as insufficient demand and declining revenues
- Will formulate plans to stabilise growth of 10 sectors including auto and steel
Earlier from China today, finance ministry data:
China's fiscal revenues grew 13.3% in the first six months of 2023 y/y
- from +14.9% rise in the first five months
- In June alone, fiscal revenue rose 5.6% y/y, slowing sharply from a 32.7% jump in May, according to Reuters calculations based on the ministry's data
Fiscal spending rose 3.9% in the January-June period
- from +5.8% in the first five months
A spokesman at the ministry press conference on the data said that China will guide local governments to speed up issuance of special bonds.
