China fiscal revenue hits $2.63 trn, up 0.8% in Jan–Oct 2025

19 Nov '25

1 min read

China fiscal revenue hits $2.63 trn, up 0.8% in Jan–Oct 2025

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Insights

China's public finances stayed resilient in the first ten months of 2025, with fiscal revenue up 0.8 per cent to 18.65 trillion yuan (~$2.63 trillion) and tax income rising 1.7 per cent.
Expenditure reached 22.58 trillion yuan, driven by a 6.3 per cent rise in central government spending.
Non-tax revenue declined 3.1 per cent, while social security and employment outlays jumped 9.3 per cent.

China’s public finances showed steady momentum in the first ten months of 2025, with total fiscal revenue edging up 0.8 per cent year-on-year (YoY) to nearly 18.65 trillion yuan (~$2.63 trillion), according to the Ministry of Finance.

Central government collection slipped 0.8 per cent to around 8.19 trillion yuan, while local authorities posted a 2.1 per cent rise to 10.46 trillion yuan.

Meanwhile, central government spending grew 6.3 per cent, while local government expenditure rose 1.2 per cent, said Chinese media reports.

Fiscal expenditure reached 22.58 trillion yuan, expanding 2 per cent YoY.

Tax receipts remained the main driver, increasing 1.7 per cent to 15.34 trillion yuan. Non-tax income softened, falling 3.1 per cent to 3.31 trillion yuan as fewer one-off administrative charges were collected.

‘Social security and employment’ expenditure surged 9.3 per cent to 3.77 trillion yuan.

Fibre2Fashion News Desk (SG)

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