As China's economy starts to recover its going to be a hard fiscal road for the government

Revenue for Chinese governments (central and local) has dropped 9.9% y/y (in January and February combined) following the economic shut down.

• biggest fall since February 2009

There was some offset from a fall in government spending

• down 2.9% y/y

limited by the increased outlays on health-care and social security

More China bond sales are ahead as authorities seek funds to stimulate the recovering economy.