Headlines hitting the wires:

  • China finance ministry says May fiscal revenues up 7.2 % y/y (prior was +9.2%)
  • China finance ministry says May fiscal spending up 24.6 % y/y
  • Spending growth was +12.9% in the first 5 months of the year (vs. +9.6% in the first 4 months)

More:

  • May fiscal surplus is 88bn yuan
  • (spending 1.28tln yuan, revenue 1.37tln yuan)