Fiscal Revenue in First Two Months Grows 0.7% Year-over-Year, Expenditure Pace Fastest in Five Years

WealthCoffee · 2026-03-23T12:49:59+00:00

In early 2026, fiscal revenue grew slightly by 0.7%, reaching 4.41 trillion yuan, while fiscal expenditure grew at a faster pace, reflecting policy efforts. Tax growth remained relatively weak but improved significantly compared to the end of 2025. Steady economic and price recovery supported fiscal performance.

WealthCoffee

2026-03-23 12:49:59

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Caixin: The economy starts 2026 on a good note with price recovery, leading to a steady rebound in fiscal revenue in the first two months, up 0.7% year-on-year. Fiscal spending outperformed revenue, reflecting proactive fiscal policies and the early issuance of local government special bonds.

Data released by the Ministry of Finance on March 19 shows that from January to February 2026, the total national general public budget revenue reached 4.41 trillion yuan, a 0.7% increase year-on-year. In comparison, both the full year of 2025 and the first two months saw declines in fiscal revenue. Specifically, tax revenue for January–February was 3.64 trillion yuan, a slight increase of 0.1% year-on-year; non-tax revenue was 776.1 billion yuan, growing faster than tax revenue at 3.4% year-on-year.

Guangfa Securities’ macro research team reports that the tax growth in the first two months remains relatively weak and still lags behind the 2026 target of 2.9%. However, it has significantly improved from December 2025 (-11.5%), mainly due to the initial recovery in economic activity and price trends.

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