Story perspectives
China's Fiscal Revenue Plummets Amid Property Slump
1/30/2026
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Story summary
- China's fiscal revenue fell 1.7% in 2025, the first contraction since 2020, according to the Finance Ministry.
- The decline is driven by a prolonged property slump and weak domestic demand, with land-sale revenue for local governments down 14.7% amid the downturn.
- Tax revenue rose 0.8% in 2025.
- Income from non-tax sources fell 11.3% in 2025.
- Fiscal expenditure rose 1% year on year.
