BEIJING, June 24 Reuters China39;s fiscal revenue fell 2.8 in the first five months of 2024 from a year earlier, accelerating from a 2.7 decline in the JanuaryApril period, official data showed on Monday, as weak demand drags on the economic recovery.

Fiscal expenditure rose 3.4 in the first five months, versus a 3.5 gain in the first four months, according to finance ministry data.

For May alone, fiscal revenue was down 3.2 yearonyear, compared with a 3.7 slide in April, while fiscal spending grew 2.6 against a 6.1 rise in April, according to Reuters39; calculations based on the ministry39;s data.

China has pledged greater fiscal stimulus to prop up its fragile economy, as an ambitious growth target of around 5 for this year puts pressure on policymakers to fire up domestic activity in the face of mounting trade tensions with the West.

Beijing has kicked off sales of 1 trillion yuan 137.82 billion in longdated special treasury bonds and launched governmentsubsidised incentives to spur tradeins of autos and other consumer goods.

But worsening declines in property investment, sales and some key money gauges hitting record lows have stoked concerns over persistent weakness in domestic demand.

1 7.2559 Chinese yuan renminbi

Reporting by Qiaoyi Li, Ellen Zhang and Ryan Woo; Editing by Kim Coghill

Source Reuters