Surging tax receipts from an active stock market mask sluggish government expenditure and a prolonged property slump
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Year-on-year change in general public budget revenue China’s Fiscal Revenue Growth Accelerates Note: January and February data are combined. Sources: Ministry of Finance, CEIC, Caixin -25 -20 -15 -10 -5 0 5 10 15% Jan.-Feb.2025 Jan.-Feb.2026 July July 11.7% China’s fiscal revenue jumped 11.7% year-on-year in July, marking the fastest monthly growth since late 2024, though government spending remained sluggish.
Higher prices, stronger imports and tighter tax compliance lift March revenue, but weak land sales remain a drag
Robust corporate tax receipts boost general budget, even as plunge in land revenues squeezes local finances
Recovering producer prices boost tax receipts while weak land sales continue to pressure local finances
Early surge in budget outlays contrasts with weak revenue growth
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