China Fiscal Spending Rises 1.3% in Jan-April

China’s fiscal spending climbed 1.3% year-on-year to CNY 9.48 trillion (USD 1.09 trillion) in the first four months of 2026. Spending execution reached 31.6% of the annual budget target, the fastest pace for the January–April period in five years, signaling that fiscal policy is being front-loaded to support economic stabilization. Central government spending rose 5.1%, while local government outlays increased 0.7%, official data showed. During the period, fiscal revenue increased 3.5% to CNY 8.34 trillion (USD 1.23 trillion), sharply accelerating from a 1.1% rise in the first quarter, highlighting an improvement in fiscal revenue. The country’s tax revenue grew 3.9% year-on-year to CNY 6.81 trillion, higher than the 1.7% increase recorded in the first quarter. Meanwhile, non-tax revenue rose 1.6% to CNY 1.53 trillion.

China’s fiscal spending increased 2.6% yoy to CNY 7.47 trillion (USD 1.09 trillion) in Q1 2026, sharply accelerating from a 1% rise in 2025, supported by the government’s efforts to boost economic growth amid rising global risks stemming from the Middle East conflict, the finance ministry said on Friday, as reported by Reuters. Central government spending increased 4.9%, while local government outlays grew 2.3%, official data showed. During the period, fiscal revenue rose 2.4% to CNY 6.16 trillion. First-quarter fiscal spending accounted for 24.9% of annual budgeted expenditure, the highest in recent years, a finance ministry official told a media briefing, as authorities pledged to boost government outlays to help meet this year’s economic growth target. Central government revenue grew 2.7% to about CNY 2.5 trillion, while local government intake rose 2.1% to CNY 3.66 trillion. Tax revenue totaled CNY 4.85 trillion, up 2.2%, while non-tax revenue rose 2.9% to CNY 1.31 trillion.

China's fiscal expenditure rose 3.6% year-on-year to CNY 4.67 trillion in the first two months of 2026, according to Ministry of Finance data released Thursday. Central government spending increased 4.5%, while local government outlays grew 3.5%. Notably, social security and employment spending climbed 8.6% to CNY 927.9 billion, and health expenditure jumped 17.3% to CNY 411.9 billion. Meanwhile, fiscal revenue edged up 0.7% to nearly CNY 4.42 trillion. Central government revenue fell 1.7% to about CNY 1.92 trillion, while local government intake rose 2.6% to CNY 2.5 trillion. Tax revenue was broadly flat at CNY 3.64 trillion, up just 0.1%, while non-tax revenue increased 3.4% to CNY 776.1 billion, pointing to limited momentum in core fiscal inflows.