China's Industry Ministry says industry facing insufficient demand and declining revenues

<p>China's Industry Ministry statement:</p><ul><li>China's industrial sector faces difficulties and challenges such as insufficient demand and declining revenues</li><li>Will formulate plans to stabilise growth of 10 sectors including auto and steel</li></ul><p>Earlier from China today, finance ministry data:</p><p>China's fiscal revenues grew 13.3% in the first six months of 2023 y/y</p><ul><li>from +14.9% rise in the first five months</li><li> In June alone, fiscal revenue rose 5.6% y/y, slowing sharply from a 32.7% jump in May, according to Reuters calculations based on the ministry's data</li></ul><p>Fiscal spending rose 3.9% in the January-June period</p><ul><li>from +5.8% in the first five months</li></ul><p>A spokesman at the ministry press conference on the data said that China will guide local governments to speed up issuance of special bonds.</p>

This article was written by Eamonn Sheridan at www.forexlive.com.