China in trouble: Economic growth rate lowest since 1988

Data related to tax revenue has recently been released by the Communist Party of China. These numbers tell us both the picture and the reality of the Chinese economy. On March 17, the CCP Ministry of Finance released the revenue figures for January and February this year. The overall picture of these figures is very dismal. In such a situation, let us understand the nuances of the Chinese economy by looking at some of these figures.

The national general budget revenue was 4.6 trillion yuan less in January and February. 1.2% year one year. While the central general budget revenue decreased by 4.5% year-on-year to 2 trillion yuan. National tax revenue was approximately 3.9 trillion a year. In 2014, the rate of growth of revenue in China was 8.4 percent. This is the slowest growth in revenue since 1988, indicating that the world’s second largest economy is in severe recession.

The world’s biggest video game company and operator of the WeChat messaging platform posted revenue of 554.55 billion yuan ($81 billion) for 2022, down 1% from a year earlier.

Analysts on average had expected 555.15 billion yuan, according to Refinitiv. Its revenue for the fourth quarter ended December rose 1% from a year earlier to 144.95 billion yuan, beating consensus estimates of about 144 billion yuan. Tencent’s profit attributable to equity holders fell 16% to 188.24 billion yuan for the year, versus the consensus estimate of 114.19 billion yuan.