ECONOMY

China Ramps Up Tax Collection While Pulling Back on Spending

Published: Nov. 18, 2025 1:06 p.m. GMT+8

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China’s fiscal revenue growth accelerated in October to its fastest pace this year, but government spending contracted, underscoring the fragility of the nation’s public finances amid a protracted property downturn.

Fiscal revenue, as measured by the general public budget, grew 3.2% year-on-year in October, marking the fourth straight month of growth, according to data released Monday by the Ministry of Finance. The increase was driven by an 8.6% jump in tax revenue, while nontax revenue plunged 33%.

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China’s fiscal revenue grew 3.2% year-on-year in October 2024, with tax revenue up 8.6% but nontax revenue down 33%.
Fiscal expenditure fell 9.8% year-on-year in October, the first decline since August 2024.
Revenue from local government land sales dropped 27.3% in October due to the ongoing property market slump.

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