It has been a long time since the fiscal revenue diverged with the expenditures, and this is particularly obvious in August.

Anbound's research team points out that the continued slow growth in the local government’s revenue, the unsustainable land-related revenue due to the slowdown in real estate investment, the dried out of the central government’s budget, the local debt swaps which could only reduce the debt but couldn’t increase revenue, the governments of various levels will still have to worry about their sources of funding.