Key facts
- Revenue from land sales fell 27.9% in January-September 2026 compared to the prior year.
- Overall fiscal revenue growth slowed to 5.1% in the first nine months of 2026.
China Fiscal Revenue Falls as Property Market Woes Persist
IN SHORT
China's general public budget revenue declined in September, marking the first decrease this year, as a deepening slump in land sales intensified financial pressure on local governments. The revenue drop, coupled with a six-year low in budget execution rates, underscores the strain on authorities navigating a prolonged real estate downturn.
Key Numbers
17.2 trillion yuanChina's national fiscal revenue, Jan-Sep 2026
5.1%Year-on-year fiscal revenue growth, Jan-Sep 2026
6.1%Year-on-year tax revenue growth, Jan-Sep 2026
1.2%Year-on-year non-tax revenue growth, Jan-Sep 2026
1.0%Year-on-year government expenditure growth, Jan-Sep 2026
27.9%Decline in revenue from land sales, Jan-Sep 2026 vs 2025
Who's Involved
Ministry of Finance
reported figures on national fiscal revenue and land sales
↳ Why This Matters
The decline in China's fiscal revenue and the significant drop in land sales revenue put pressure on local government finances, potentially impacting infrastructure spending, construction demand, and overall economic activity.