Economic Buzz: China's fiscal revenue dips 0.4 percent in Jan-Apr 2025

China's fiscal revenue fell 0.4 percent year-on-year to CNY 8.06 trillion in the first four months of 2025, easing from a 1.1 percent drop in Q1. Tax revenue declined 2.1 percent, while non-tax revenue rose 7.7 percent. Central government revenue slipped 3.8 percent to CNY 3.39 trillion, but local government revenue grew 2.2 percent to CNY 4.67 trillion. Fiscal spending surged 4.6 percent to nearly CNY 9.36 trillion, marking the highest level since 2020 as authorities pursued a more proactive fiscal policy.

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