The state budget fell for the first time since the fiscal crises of the 1970s.
This has resulted in lower government revenue and a larger fiscal deficit.
According to the company, Q3 and Q4 are scene-setters for a barnstorming fiscal 2003.
That combination - a cyclical economy and high fixed costs - virtually guarantees a fiscal crisis during an economic slowdown.
But it is precisely because Britain must be globally competitive that we need to maintain control of our currency, monetary policy and fiscal policy.
Revenue and fiscal deficits were projected at 2.9 and 4.4 per cent for 2004-05.
Economic instability is caused by poor monetary and fiscal policies of a country.
With weak economic growth squeezing fiscal revenues, he was forced to announce a sharp increase in public borrowing in November.
It closed fiscal 2002 with enough cash per share to cover 82% of its stock price.
At the same time, Beijing has also lost flexibility in pursuing fiscal policy due to its loss of revenues from provincial authorities.