China's revenue growth hits 23-year low
Full-year revenues came in at 14 trillion yuan last year, or more than $2.2 trillion. But the growth rate slipped for a third straight year to 8.6 percent year on year.
Moreover, the growth rate was also a 23-year low, expanding at a single-digit pace for the first time since 1991.
Meanwhile, government expenditures increased 8.2 percent to 15.2 trillion yuan in 2014 as such sectors as social security, affordable housing and rural development gained more support.
Analysts say that as China's macro-economy and property market continue to show signs of weakening this year, local governments will face ongoing pressure on their fiscal revenues. ■