Greater China Banks Daily "Fiscal revenue growth rose to 3.5% YoY in M42..."

Research evidence excerpt

Greater China Banks Daily "Fiscal revenue growth rose to 3.5% YoY in M42..."

Global Research

21 May 2026ab

Greater China Banks Daily Equities

ChinaFiscal revenue growth rose to 3.5% YoY in

M426; Shanghai to shut hidden fee collection Banks

routes for “7+4” institutions in online lending MayAnalystYan

may.yan@ubs.com

+852-2971 7157

Fiscal revenue growth rose to 3.5% YoY in M426 Alex Ye

Analyst

Cailian, May 20: China’s fiscal revenue rose 3.5% YoY in January-April, accelerating S1460522090005

from 2.4% growth in the first quarter. Fiscal expenditure increased 1.3% over the same alex.ye@ubs.com

period, easing from a 2.6% rise in Q1. At the same time, land sales revenue remained +86 755 2215 8858

weak, falling 27.2% to RMB 680.1 billion in the first four months. The decline deepened

Catherine Yang, CFA

from a 24.4% drop recorded in Q1, underscoring continued pressure on local Analyst

government land-related income. S1460526010003

catherine-za.yang@ubs.com

Shanghai to shut hidden fee collection routes for “7+4” institutions in online +86-755-2215 8860

lending business Helen Li, CFA

China Securities Journal, May 20: Shanghai payment institutions have reportedly been Analyst

told by regulators to phase out loan-facilitation payment accounts tied to “7+4” local helen-za.li@ubs.com

financial entities and to stop related automatic fee collection, with the clean-up due by +852-2971 6066

month-end. In practice, this means shutting off auto-debit channels used for guarantee

fees, service fees and repayment collection linked to these institutions. The “7+4”

category covers a broad group of local financial firms, including microloan companies,

financing guarantors, leasing firms, commercial factoring companies and local asset

managers, among others.