China's fiscal revenue falls in H1, expenditure rises at slower pace

China's fiscal revenue dipped 0.3 percent in the first six months from a year earlier, the finance ministry said on Friday, unchanged from the decline in the January-May period.

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Fiscal expenditure increased 3.4 per cent year-on-year in the January-June period, slower than the 4.2 per cent rise in the first five months, ministry official Tang Longsheng told a press conference.

Fiscal revenue in the first six months totalled 11.56 trillion yuan ($1.61 trillion) while expenditure totalled 14.13 trillion yuan, Tang said.

Tax revenue fell 1.2 per cent in January-June from a year earlier and non-tax revenue grew 3.7 per cent.

China has allocated 69 billion yuan in special bonds for the consumer good trade-ins programme, the third batch this year, another ministry official Wu Gai said.

Friday's data also showed revenue from land sales by China’s local governments slid 6.5 per cent in the first six months, versus a 11.9 per cent drop in January-May.

China's economy slowed less than expected in the second quarter despite US tariffs, though analysts caution that weak domestic demand and rising global trade risks may drive policymakers to introduce additional stimulus measures.

China’s fiscal revenue dipped 0.3 per cent in the first half of 2025 from a year earlier, unchanged from the decline in the January-May period, the finance ministry said on Friday.

Fiscal expenditure rose 3.4 per cent in the first half against a 4.2 per cent gain in the first five months.