China Fiscal Expenditure

China's fiscal revenue fell by 0.3% in the first half of 2025 from a year earlier to CNY 11.56 trillion, the Finance Ministry said on Friday. The latest figure remained unchanged from the decline recorded in the January–May period. Tax revenue dropped 1.2% in H1 from a year earlier, while non-tax revenue grew 3.7%. Meanwhile, fiscal expenditure rose 3.4% year-on-year to CNY 14.13 trillion in the January–June period, easing from a 4.2% increase in the first five months, ministry official Tang Longsheng told a press conference.