FX.co ★ China Fiscal Revenues Rise 0.5% in Jan–September

In the first nine months of 2025, China experienced a marginal increase of 0.5% in fiscal revenue compared to the same period a year earlier. This rise follows a 0.3% increase reported in the timeframe from January to August, as per the latest figures from the Ministry of Finance released on Friday. During this period, fiscal revenue reached CNY 16.39 trillion (approximately USD 2.31 trillion). The central government amassed around CNY 7.08 trillion, reflecting a year-over-year decline of 1.2%, whereas local government collections grew by 1.8% to a total of CNY 9.3 trillion. Overall tax revenue saw a slight uptick of 0.7% year over year, totaling CNY 13.27 trillion, while revenues from non-tax sources decreased by 0.4%, amounting to CNY 3.12 trillion. Concurrently, fiscal expenditure increased by 3.1%, reaching CNY 20.8 trillion. Central government expenditure rose by 7.3%, and local government spending advanced by 2.4% over the same period. Notably, spending on education reached approximately CNY 3.16 trillion, marking a 5.4% increase. Expenditures on science and technology climbed to CNY 710.5 billion, an increase of 6.5%, and spending on social security and employment soared by 10%, reaching CNY 3.49 trillion.