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China's Fiscal Revenue Drops 1.7% as Land Sales Halve

7/15/2026

38 7 Full Breakdown

Summary

Story summary

China's fiscal revenue fell 1.7% in 2025 to 21.6 trillion yuan, first decline since 2020.
Land-sale revenue fell from 8.7 trillion yuan in 2021 to 4.15 trillion yuan in 2025, a drop of 50%.
In the first four months of 2026, land-sale revenue fell 27.2% to 680 billion yuan.
Tax revenue rose 0.8% in 2025 while non-tax income fell 11.3%.
Expenditures grew 1% to 28.7 trillion yuan, widening fiscal gap, while stamp-tax revenue surged 57.8%.

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Story summary

China's fiscal revenue fell 1.7% in 2025 to 21.6 trillion yuan, first decline since 2020.
Land-sale revenue fell from 8.7 trillion yuan in 2021 to 4.15 trillion yuan in 2025, a drop of 50%.
In the first four months of 2026, land-sale revenue fell 27.2% to 680 billion yuan.
Tax revenue rose 0.8% in 2025 while non-tax income fell 11.3%.
Expenditures grew 1% to 28.7 trillion yuan, widening fiscal gap, while stamp-tax revenue surged 57.8%.