China Plans More Fiscal Stimulus as Economy’s Outlook Darkens

The fiscal data highlighted the ongoing slump in China’s property market which drives demand for goods and services worth about 20% of China’s GDP. Local governments’ revenue from selling land in the seven months plummeted almost 32% in July from a year earlier, although the magnitude of the fall was about the same as in June, official data showed. Revenue from deed taxes, which are paid when a property is bought or sold, fell 28.3% in July.