18.12.202500:23:37UTC+00China's Jan-Nov Fiscal Revenue Up 0.8% YoY

In the first eleven months of 2025, China's fiscal revenue experienced a modest growth of 0.8% year-on-year, maintaining the same growth rate observed from January to October, as reported by the Ministry of Finance on Wednesday. During this period, fiscal revenue totaled CNY 20.05 trillion. Specifically, the central government garnered about CNY 8.85 trillion, representing a 1% decline year-over-year, whereas local governments increased their collections by 2.2% to reach CNY 11.21 trillion. The overall tax revenue saw a 1.8% year-over-year increase, reaching CNY 16.48 trillion; however, non-tax revenue decreased by 3.7% to CNY 3.57 trillion. On the expenditure side, fiscal spending expanded by 1.4% to CNY 24.85 trillion, reflecting a deceleration from the 2% increase recorded in the initial ten months. Central government expenditures rose by 6.2%, while local government spending grew modestly by 0.6%. Investment in education amounted to approximately CNY 3.79 trillion, an increase of 4.4%. Additionally, spending on science and technology reached CNY 889.2 billion, marking a 7.9% rise, and allocations for social security and employment climbed 8.1% to CNY 4.07 trillion.