China’s Ministry of Finance released data on fiscal revenue and expenditure for 2025 on January 30. Nationwide general public budget revenue—fiscal revenue in the narrow sense—totaled 21.6 trillion yuan (US$3.95 trillion), marking a year-on-year decline of 1.7 percent. Tax revenue reached 17.64 trillion yuan, up slightly by 0.8 percent from a year earlier, while non-tax revenue fell 11.3 percent year on year to 3.97 trillion yuan.
On a monthly basis, fiscal revenue weakened significantly toward the end of the year. After remaining flat year on year in November, general public budget revenue plunged 25 percent in December.
Analysts said the sharp slowdown in fiscal revenue growth over recent months further reinforces the view that demand suffered a “cliff-like decline” in the second half of 2025.
Source: Lianhe Zaobao, February 2, 2026
https://www.zaobao.com.sg/finance/china/story20260202-8262100