CX Briefing: Fiscal Revenue Jumps

A rundown of the news making headlines in and around China:

Fiscal revenue growth: Boosted by an economic recovery, China’s fiscal revenue topped 2 trillion yuan ($278 billion) in July, marking a 2.6% year-on-year expansion, the greatest increase in 2025 so far. Cumulative revenue for the first seven months exceeded 13.5 trillion yuan, a 0.1% increase from the same period last year, which is the first time that cumulative revenue has grown this year. July’s expansion was mostly driven by a 5% expansion in tax revenue, as nontax revenue marked a third consecutive month of decline, falling 12.9%. The rise in tax revenue is notable as monthly collections generally fell year-on-year starting in late 2023 before returning to growth in recent months.