China Government Revenues

China’s fiscal revenue climbed by 0.8% in the first eleven months of 2025 from a year earlier, the same pace as in the January–October period, according to data from the Ministry of Finance released on Wednesday. During the period, fiscal revenue increased to CNY 20.05 trillion. The central government collected about CNY 8.85 trillion, down 1% yoy, while local governments collected CNY 11.21 trillion, up 2.2%. Tax revenue rose 1.8% yoy to CNY 16.48 trillion, while non-tax revenue fell 3.7% to CNY 3.57 trillion. Meanwhile, fiscal expenditure expanded 1.4% to CNY 24.85 trillion, slowing from a 2% growth in the first ten months. Central government spending rose 6.2%, while local government expenditure grew by 0.6% during the same period. Spending on education totaled approximately CNY 3.79 trillion, up 4.4%. Expenditure on science and technology reached CNY 889.2 billion, marking a 7.9% increase, while spending on social security and employment rose 8.1% to CNY 4.07 trillion.