China's Industry Ministry statement: • China's industrial sector faces difficulties and challenges such as insufficient demand and declining revenues. • Will formulate plans to stabilise growth of 10 sectors including auto and steel. Earlier from China today, finance ministry data: China's fiscal revenues grew 13.3% in the first six months of 2023 y/y • From +14.9% rise in the first five months • 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 Fiscal spending rose 3.9% in the January-June period. • From +5.8% in the ... (full story)