China Fiscal Revenues Rise 0.3% in Jan–August

China’s fiscal revenue increased by 0.3% in the first eight months of 2025 compared to a year earlier, following a 0.1% gain in the January–July period, according to data from the Ministry of Finance released on Wednesday. During the period, fiscal revenue rose to CNY 14.82 trillion (USD 2.09 trillion). The central government collected about CNY 6.43 trillion, down 1.7% yoy, while local governments collected CNY 8.39 trillion, up 1.8%. Tax revenue edged up just 0.02% yoy to CNY 12.11 trillion, while non-tax revenue rose 1.5% to CNY 2.71 trillion. Meanwhile, fiscal expenditure expanded 3.1% to CNY 17.93 trillion. Central government spending climbed 8%, while local government expenditure increased by 2.3% during the same period. Spending on education totaled approximately CNY 2.71 trillion, up 5.6%. Expenditure on science and technology reached CNY 587.4 billion, marking a 3.1% increase, while spending on social security and employment grew 10% to CNY 3.07 trillion.