China fiscal revenue growth eases to 5.1% in January-September
China's public finances show slower revenue growth in the first nine months of 2026 as expenditure growth also moderates. The latest figures come as Beijing accelerates special bond issuance and continues to face pressure from weak land-sale income tied to the property downturn.
Highlights
- China's fiscal revenue rises 5.1% year on year to 17.2 trillion yuan in January-September, slowing from 5.7% growth in January-August.
- Net special bond issuance reaches 3.56 trillion yuan in January-September, or 81% of the annual quota, with September issuance up 214.8 billion yuan year on year.
- Government land sales revenue drops 27.9% year on year, narrowing from a 28.6% decline in January-August as the property sector downturn persists.
Revenue and spending trends in first nine months
As reported by Reuters, citing China's finance ministry, fiscal revenue rises 5.1% year on year in January-September to 17.2 trillion yuan, after growing 5.7% in the January-August period.Tax revenue grows 6.1% from a year earlier, while non-tax revenue expands 1.2% over the same period. Fiscal expenditure is up 1.0% on the year, slowing from a 1.2% increase in the first eight months.
Bond issuance offsets pressure from land sales
Finance ministry official Zhao Zeyong says China has accelerated local special bond issuance this year and plans to front-load part of its 2027 quota. Net special bond issuance from January to September reaches 3.56 trillion yuan, accounting for 81% of the annual quota, while September issuance stands at 633.5 billion yuan, up 214.8 billion yuan from the same month last year.Revenue from government land sales falls 27.9% year on year in January-September, narrowing from a 28.6% decline in the first eight months. The property sector downturn that begins in mid-2021 continues to erode land-sale income, a key funding source for local governments.
In our earlier article on expectations for a modest pickup in China’s third-quarter growth, we noted that Beijing rolled out fresh support measures to shore up activity, including targeted rate cuts, mortgage subsidies, and the use of unused government debt quotas to ease local-government funding stress. We also highlighted that stronger exports and factory output were helping offset weak domestic demand, while the prolonged property slump continued to weigh on consumption, investment, and public-sector finances.
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