FX.co ★ China's Fiscal Revenue Drops 0.4% in Jan-April

China's fiscal revenue experienced a slight decrease of 0.4% year-on-year in the first four months of 2025, totaling CNY 8.06 trillion. This represents a reduction from the 1.1% decline noted in the January-March period, as reported by the finance ministry on Tuesday. Within the January-April timeframe, the nation saw a 2.1% decrease in tax revenue, whereas non-tax revenue displayed a growth of 7.7%. The central government garnered fiscal revenue amounting to CNY 3.39 trillion, marking a 3.8% drop compared to the previous year, while local governments saw a 2.2% increase, gathering nearly CNY 4.67 trillion. Concurrently, fiscal expenditures rose by 4.6% year-on-year, reaching almost CNY 9.36 trillion in the same period. The ministry elaborated that fiscal spending during this interval surpassed that of every year since 2020, attributed to the financial authorities' adoption of a more proactive fiscal policy.