Fiscal strains are forcing Chinese provinces to slash their budget-revenue expectations for 2026 due to the knock-on effects of a five-year property market slump, and analysts cite the shift as a warning sign that intense debt pressures continue to drag down the nation’s economic growth outlook.
Major provinces are budgeting for 2 to 3 per cent growth this year in general public operating revenue, broadly in line with last year but below broader economic growth targets, Fitch Ratings said in a…