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China faces biggest fiscal challenge since ’81 - Deutsche Bank report

Chinese banknotes are seen at a vendor's cash box at a market in Beijing  China faces biggest fiscal challenge since '81 - Deutsche Bank report 2015 01 13T075446Z 1 LYNXMPEB0C08G RTROPTP 2 CHINA ECONOMY CPIBy Kevin Yao BEIJING (Reuters) – China's fiscal revenue growth is set to hit a three-decade low in 2015, Deutsche Bank said in a report, complicating policymakers' efforts to rein in runaway local government debt without crippling the broader economy. Total fiscal revenues will likely grow just 1 percent in 2015 year-on-year, the slowest pace since 1981, Deutsche Bank predicted, and forecast local government revenues to fall 2 percent – the first contraction since 1994. Land sales, which account for over a third of local government revenues, may fall 20 percent, the report said. …


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