News Summary

• China pulled back on fiscal spending in March as the economy rebounded at the start of the year.
• A broad measure of public expenditure fell 2.5% last month from a year earlier, its biggest decline since October.
• By contrast, broad fiscal revenue climbed 3.4%, the most since July, leaving a deficit of over 1.5 trillion yuan ($230 billion) The world’s second-biggest economy saw growth pick up more than expected in the first quarter, in a turnaround from the end of last year.