China's H1 2026 Fiscal Revenue Up 4.7% to RMB 12,104.7 Billion
China's general public budget revenue for the first half of 2026 reached RMB 12,104.7 billion, up 4.7% year on year. Tax revenue grew 5.3% to RMB 9,786.5 billion, while non-tax revenue rose 2.3% to RMB 2,318.2 billion. The revenue growth rate matched the 4.7% GDP expansion. However, local government revenue grew 5 percentage points slower than central government revenue, and officials emphasized the need to strengthen the revenue base and improve fiscal efficiency.
In the first half of 2026, China's general public budget revenue reached RMB 12,104.7 billion, up 4.7% year on year. Tax revenue stood at RMB 9,786.5 billion, while non-tax revenue was RMB 2,318.2 billion. The growth rate of general public budget revenue aligned with the 4.7% growth in gross domestic product for the same period. In terms of structure, tax revenue grew 5.3%, outpacing the 2.3% increase in non-tax revenue.
On fiscal operations, there was a gap between central and local revenue growth. Local general public budget revenue grew 5 percentage points slower than central government revenue. The foundation for sustained revenue growth still needs consolidation. As the transition between old and new growth drivers accelerates, developing stable tax sources requires stronger industrial support. The efficiency of fiscal resource allocation also needs improvement, with some areas facing insufficient expenditure structure optimization and room for better use of funds.