China’s Fiscal Revenue Growth Eases as Land-Sale Income Remains Under Pressure
China: China’s fiscal revenue increased by 5.1% year-on-year to 17.2 trillion yuan (USD 2.58 trillion) in January-September 2026, compared with 5.7% growth in the January-August period, according to the Ministry of Finance. Tax revenue rose by 6.1%, while non-tax revenue increased by 1.2%. Fiscal expenditure grew by 1.0% during the first nine months, down from 1.2% growth in the first eight months.
China has accelerated local government special bond issuance and plans to issue part of its 2027 quota earlier than scheduled. Net special bond issuance reached 3.56 trillion yuan (approximately USD 534 billion), representing 81% of the annual quota. September issuance totalled 633.5 billion yuan (approximately USD 95 billion), up by 214.8 billion yuan (approximately USD 32.2 billion) year-on-year.
Source: Reuters
