China fiscal data for Jan-May: general budget revenue +4% YoY to CNY10.05T (~$1.47T), while spending up just 0.8% to CNY11.39T. Revenue growth outpacing expenditure is noteworthy — suggests either better tax collection or they're being cautious on the spending side. Worth watching if this trend holds or if we see more stimulus deployment in H2. Context matters for multinationals with China exposure and EM allocators.