China repurposes state-owned spaces in Yueyang to boost local revenue
China is finding new ways to boost its finances by making better use of state-owned spaces.
In Yueyang, Hunan, rundown markets and old buildings have been transformed into lively pedestrian streets and a waterfront packed with shops and restaurants.
This helps local budgets at a time when land-sale revenues have dropped sharply since 2021.
Ten provinces' asset charges about 10%
Yueyang isn't stopping there: fishing rights in Junshan district were combined under one company to raise profits, and a failed tourism spot was turned into a busy human resources hub with about 80 tenants.
Plus, for the 10 most aggressive provinces, charges for using state assets accounted for roughly 10% of their expenditures in 2025, up from 5% in 2021, showing China's shift toward more active asset management as Dinny McMahon of Trivium notes that this is a rare area where public finances may be moving in the right direction.