China Fiscal Spending Rises 1.2% in Jan-Aug

China's general public budget expenditure increased 1.2% year-on-year to CNY 18.15 trillion in the first eight months of 2026. Central government expenditure rose 6% to CNY 2.82 trillion, while local government spending increased 0.3% to CNY 15.33 trillion, indicating that fiscal support continued to be led by the central government. Among major spending categories, healthcare recorded the strongest growth, rising 9.2%, followed by social security and employment (+6.5%), debt interest payments (+5.4%), science and technology (+2.2%), and education (+0.7%). Meanwhile, expenditure declined on energy conservation and environmental protection (-12.3%), agriculture, forestry and water conservancy (-6%), culture, tourism, sports and media (-7.2%), transportation (-2.9%), and urban and rural communities (-3%).

China's general public budget expenditure increased 1.3% year-on-year to CNY 16.29 trillion in the first seven months of 2026. Central government expenditure rose 6.2% to CNY 2.48 trillion, while local government spending increased 0.5% to CNY 13.81 trillion, indicating that fiscal support continued to be led by the central government. Among major spending categories, healthcare recorded the strongest growth, rising 9.8%, followed by social security and employment (+7%), debt interest payments (+5.2%), science and technology (+1.5%), and education (+0.7%). Meanwhile, expenditure declined on energy conservation and environmental protection (-11.9%), agriculture, forestry and water conservancy (-6.8%), culture, tourism, sports and media (-6.9%), transportation (-2.5%), and urban and rural communities (-2.9%).

China's fiscal spending increased 1.5% year-on-year to CNY 14.33 trillion in the first half of 2026. Central government expenditure rose 6.5% to CNY 2.12 trillion, while local government spending increased 0.6% to CNY 12.21 trillion, indicating that fiscal support continued to be led by the central government. Among major spending categories, healthcare recorded the strongest growth, rising 10.8%, followed by social security and employment (+7.6%), debt interest payments (+4.5%), science and technology (+1.3%), and education (+0.6%). Meanwhile, expenditure declined on energy conservation and environmental protection (-10.3%), agriculture, forestry and water conservancy (-8.6%), culture, tourism, sports and media (-6.4%), transportation (-2.6%), and urban and rural communities (-2.0%).