Shenzhen’s fiscal revenue tumbled 44% on year in April as Covid-19 lockdowns put local governments’ fiscal condition under pressure

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Chinese local governments' fiscal condition has been under increasing pressure due to prolonged Covid-19 lockdowns, slowing economic growth and of a series of tax rebates and cuts. The technology hub of Shenzhen saw fiscal revenue plummet by more than 44% in April from a year earlier.

According to data released by Shenzhen's fiscal authority, the city's fiscal revenue reached 130.98 billion yuan in the first four months of the year, sliding . . .