China”s Fiscal Revenue Growth Accelerates in First Seven Months of 2026
China’s fiscal revenue growth accelerated during the first seven months of 2026, signaling a steady recovery in public finances as the economy gains further momentum, according to official data released by the Ministry of Finance on Friday.
China’s general public budget revenue reached approximately 14.37 trillion yuan (about $2.12 trillion) during the January-July period, up 5.8% year-on-year, compared to a 4.7% growth recorded in the first half of the year, ministry data showed.
Tax revenues increased by 6.7% year-on-year to approximately 11.84 trillion yuan, while non-tax revenues grew by 1.6% to exceed 2.53 trillion yuan.
Breaking down the revenue items, value-added tax (VAT) receipts amounted to around 4.51 trillion yuan, representing a 6.1% year-on-year increase. Meanwhile, corporate income tax revenues stood at approximately 3.28 trillion yuan, up 7.2%.
Notably, revenue from stamp duty on stock trading witnessed a remarkable surge, jumping 99.2% year-on-year to reach 186.4 billion yuan, driven by robust trading volumes in the equities market.
Increased Public Budget Expenditure
On the expenditure side, general public budget spending rose by 1.3% year-on-year to approximately 16.29 trillion yuan.
Spending on social security and employment grew by 7% to over 2.95 trillion yuan, while healthcare expenditure jumped 9.8% to more than 1.36 trillion yuan, reflecting a continued prioritization of policies related to citizens' livelihoods.
Additionally, expenditure on science and technology increased by 1.5% to reach 540.8 billion yuan.
China's Macroeconomic Stability
This fiscal revenue performance comes amid overall macroeconomic stability in China. During the first half of 2026, China's Gross Domestic Product (GDP) grew by 4.7% year-on-year, underscoring the strong resilience of the world's second-largest economy.