China’s fiscal spending climbed 1.3% year-on-year to CNY 9.48 trillion (USD 1.09 trillion) in the first four months of 2026. Spending execution reached 31.6% of the annual budget target, the fastest pace for the January–April period in five years, signaling that fiscal policy is being front-loaded to support economic stabilization. Central government spending rose 5.1%, while local government outlays increased 0.7%, official data showed. During the period, fiscal revenue increased 3.5% to CNY 8.34 trillion (USD 1.23 trillion), sharply accelerating from a 1.1% rise in the first quarter, highlighting an improvement in fiscal revenue. The country’s tax revenue grew 3.9% year-on-year to CNY 6.81 trillion, higher than the 1.7% increase recorded in the first quarter. Meanwhile, non-tax revenue rose 1.6% to CNY 1.53 trillion.

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