China recorded its first annual decline in fiscal revenue since the Covid-19 pandemic, as a sharp fall in nontax takings outweighed a modest recovery in tax revenue.
Data released by the Ministry of Finance showed general public budget (GPB) revenue fell 1.7% in 2025 from the previous year, marking the first contraction since 2020, when revenue slid during the initial pandemic shock. GPB is the largest of the four budgets in China’s fiscal system.
The decline came despite a gradual improvement in economic activity over the year.Â
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