Key facts
- China's fiscal revenue grew 5.7% year-on-year in Jan-Aug 2026.
- Fiscal expenditure growth slowed to 1.2% in Jan-Aug 2026.
- August revenue growth slowed by 7 percentage points from July.
China's fiscal revenue growth decelerated to 5.7% year-on-year in the first eight months of 2026, down from 5.8% in the January-July period, according to data from the Ministry of Finance. In August alone, revenue growth slowed significantly, with the Ministry reporting 4.7% year-on-year growth for the month. Total revenue for the Jan-Aug period reached 15.7 trillion yuan ($2.3 trillion).
Government spending also saw a contraction in growth, with fiscal expenditure rising 1.2% in the Jan-Aug period, down from 1.3% in the first seven months. This slowdown in both revenue and expenditure highlights increasing fiscal pressure on Beijing, influenced by soft domestic demand and a prolonged property downturn.
China's Vice Finance Minister Liao Min indicated that authorities were preparing new fiscal-financial support measures for the second half of the year and would refine their policy toolkit based on evolving economic conditions.