China's fiscal revenue fell the most on record in March, state-owned companies see profit slump in first quarter amid epidemic

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China's fiscal revenue tumbled in March as the coronavirus outbreak ravaged the economy, extending the previous month's slump. The country's state-owned enterprises saw earnings slump in the first quarter as the epidemic hurt demand and disrupted supply chain.

In March, China’s fiscal revenue fell 26.1 per cent year-on-year, steeper than the 21.4 per cent decline in February, and the steepest slump in available data going back to 1996, official data showed.

"Affected by the epidemic at home and abroad, fiscal revenues are still declining in the . . .

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