Shenzhen’s Decline Shocks All of China, Fiscal Revenue Plummets for the First Time in 24 Years
Shenzhen’s Decline Shocks All of China, Fiscal Revenue Plummets for the First Time in 24 Years
Udumbara
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On February 25, 2025, the Shenzhen Municipal Finance Bureau submitted a report to the People's Congress that sent shockwaves across China. The report revealed that Shenzhen's general public budget revenue fell by 5% in 2024, wiping out 20.2 billion yuan in a single year. This is equivalent to an entire year's fiscal revenue of a mid-sized Chinese city disappearing overnight.
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