Story perspectives

China's Revenue Up 2.4%; Land Sales Down 25%

4/25/2026

Summary

Story summary

Finance ministry reported revenue rose 2.4% to 6.16 trillion yuan and spending grew 2.6% to 7.47 trillion yuan.
Central/local governments collected 2.5 trillion and 3.66 trillion yuan, with tax revenue at 4.85 trillion yuan and import VAT and excise rising 12.9%.
Health-care spending and social-security outlays rose 12.1% and 9%, respectively, as total outlays reached 24.9% of the budget.
Land-sale revenue and land-use rights sales fell 24.4% and 25.2%, respectively, in the first two months.

History

Historical Context

In 2008, amid the global financial crisis and Great Recession, China launched a 4 trillion-yuan stimulus, raising fiscal revenue 12 % while land-sale income fell 15 %. The early-2024 budget repeats the pattern—revenue up 2.4 % to 6.16 trillion yuan and land-sale receipts down 24.4 %—and the World Bank warns this reliance on non-land sources may strain local governments, echoing its 2009 China report.

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Story summary

Finance ministry reported revenue rose 2.4% to 6.16 trillion yuan and spending grew 2.6% to 7.47 trillion yuan.
Central/local governments collected 2.5 trillion and 3.66 trillion yuan, with tax revenue at 4.85 trillion yuan and import VAT and excise rising 12.9%.
Health-care spending and social-security outlays rose 12.1% and 9%, respectively, as total outlays reached 24.9% of the budget.
Land-sale revenue and land-use rights sales fell 24.4% and 25.2%, respectively, in the first two months.

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