FX.co ★ China Fiscal Revenues Drop 0.3% in H1

China's fiscal revenue experienced a slight decline of 0.3% in the first half of 2025 compared to the same period last year, totaling CNY 11.56 trillion, according to the Finance Ministry's announcement on Friday. This figure mirrors the decrease seen from January to May. Tax revenue saw a 1.2% reduction year-on-year in the first half, while non-tax revenue exhibited a growth of 3.7%. Concurrently, fiscal expenditure rose by 3.4% compared to the previous year, reaching CNY 14.13 trillion between January and June. This marks a deceleration from the 4.2% increase witnessed during the initial five months, as reported by Tang Longsheng, a ministry official, at a press briefing.