China's Jan-May fiscal revenue drops 2.8% y/y to 9.7 trillion yuan.

Tax income -5.1% y/y to 8 trillion yuan, government land sales income falls 14% y/y to 1.28 trillion yuan, and securities transaction stamp duty -50.8% to 43.9 billion yuan.
The Jan-May fiscal spending rises 3.4% y/y to 10.8 trillion yuan.
Total revenues, which include the general public budget and the government funds budget, fell 4.1% during January-May from last year to 11.36 trillion yuan ($1.6 trillion). That’s the steepest drop since February 2023, according to Bloomberg calculations based on data from the Ministry of Finance.
The fiscal revenue shrank fueling expectations that the government could make another rare mid-year budget revision to aid an economic recovery.