China's August fiscal revenue growth slows as tax revenue weakens

China's fiscal revenue growth slowed in August 2026, rising 4.7% year on year as revenue growth across major tax categories moderated. Fiscal expenditure shifted from growth to a year-on-year decline in August, while cumulative spending progress through the first eight months was the second-lowest in the past five years.

The latest data released by the Ministry of Finance showed that in August, fiscal revenue reached about Yuan 1.29 trillion ($192.5 billion), up 4.7% year on year, decelerating sharply by 7 percentage points from the previous month. The slowdown was mainly attributable to taxes: tax revenue growth slowed sharply by