China's April fiscal revenue rises 6.7% YoY on PPI rebound, fiscal spending declines

Driven by a rebound in the domestic PPI (Producer Price Index) and strong production growth, China's fiscal revenue rose 6.7% year on year in April 2026, marking the second consecutive month of growth above 6%. Meanwhile, fiscal expenditure fell year on year, likely reflecting a slowdown in investment during the period.

According to data released by the Ministry of Finance on May 20, China's fiscal revenue in April reached Yuan 2.18 trillion ($320.5 billion), up 6.7% year on year, marking the second consecutive month of growth above 6%. Tax revenue totaled Yuan 1.96 trillion, with year-on-year growth easing to 8.2% but