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Chinese finance faces challenges due to tariffs
Chinese finances are facing challenges due to US President Donald Trump's tariff policy.
According to a report by The New York Times on March 21, the latest Chinese government budget revealed a striking statistic: a significant decline in tax revenues has created difficulties in tackling economic problems, such as the collapse of the real estate market and the decline of local governments.
The financial downturn has reportedly limited the Chinese system's ability to support export sectors facing tariff increases by the US government. Despite the slowdown in China's economic development in recent years, tax revenues have remained stable. However, this particularly significant decline has drawn significant attention. The decline in tax revenues has weakened the financial capacity of businesses and the government, creating difficulties in repaying their debts.