ECONOMY

China Fiscal Spending Pace Hits Five-Year High

Published: Mar. 23, 2026 3:06 p.m. GMT+8

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China’s Fiscal Spending Outpaces Revenue

China front-loaded fiscal spending at the fastest pace for the start of a year in five years, underscoring efforts to support growth even as revenue remained subdued.

Fiscal outlays under the general public budget (GPB) — the largest of the four budgets in China’s fiscal system — rose 3.6% year-on-year to 4.67 trillion yuan ($678 billion) in January-February, according to finance ministry data.

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China’s fiscal spending in Jan-Feb 2024 rose 3.6% year-on-year to 4.67 trillion yuan, the fastest pace in five years.
Fiscal revenue increased slightly by 0.7%, with mixed tax results and strong trade-related tax growth.
Real estate weakness cut land sales revenue by 25.2%, while government-managed fund spending rose 16%.

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