China’s budget deficit widened in the first 11 months of 2022 as the government ramped up spending to support its slowing economy, while revenue growth slowed..
The budget deficit reached 8.3 trillion yuan ($1.2 trillion) in the January-November period, up from 7.6 trillion yuan in the same period last year, according to data released by the Ministry of Finance on Friday..
Revenue rose by 0.6% to 19.3 trillion yuan in the first 11 months, while spending increased by 6.4% to 27.6 trillion yuan..
The deficit was wider than the 7.5 trillion yuan target set by the government for the full year..
The widening budget deficit is a challenge for the government, which has been trying to reduce its reliance on debt. The government has pledged to bring the budget deficit down to 3% of GDP by 2025, from 3.2% in 2022..
The government has said that it will continue to implement a .
