China will accelerate resolving local government debt risks, pushing the reform and transformation of local government financing vehicles, said Vice Minister of Finance Wang Dongwei at a press conference on Monday.

The national general public budget revenue was CNY6.08 trillion in Q1, a decrease of 2.3% y/y as some tax deferrals for manufacturing SMEs raised the comparison base same period last year, said Wang.

Wang noted that tax revenues from accommodation and catering, entertainment as well as advanced manufacturing such as railway equipment and computer manufacturing have grown rapidly. But data from the ministry website showed land sales revenue was CNY814.7 billion in Q1, falling 6.7% y/y amid real estate downturn.