23 June 2026 | 1:38AM HKT Economics Research China: Augmented fiscal deficit tightened further in May Bottom line: Year-on-year growth in on-budget fiscal revenue remained solid in May amid continued increase in PPI inflation and still-soft activity growth, as slower tax revenue growth largely offset faster non-tax revenue growth. Year-on-year contraction in on-budget fiscal expenditure narrowed, although growth in infrastructure-related on-budget spending remained subdued. Property-related government reven ...