PPI rebound drives 6.7% growth in April fiscal revenue; expenditures shift from increase to decrease

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【Caixin】 Driven by the domestic PPI (Producer Price Index) turning from decline to rise and continued faster growth on the production side, in April 2026, national fiscal revenue maintained a relatively rapid growth rate of 6.7%, with growth exceeding 6% for two consecutive months. Fiscal expenditure for the month, however, saw a year-on-year decline, which may be one of the factors weighing on investment during the same period.

According to data released by the Ministry of Finance on May 20, 2026, in April 2026, national fiscal revenue under the narrow definition—i.e., general public budget revenue—came in at 2.18 trillion yuan, up 6.7% year on year, with the growth rate staying above 6% for two consecutive months. Of this, tax revenue in April was 1.96 trillion yuan; the year-on-year growth rate fell back to 8.2%, but remained above 8% for two consecutive months. Non-tax revenue for the month was only 219.9 billion yuan, reversing last month’s growth to decline by 5.3%.

In the first four months, total national fiscal revenue reached 8.34 trillion yuan, up 3.5% year on year, representing a clear rebound from the state of negative growth for the whole of the previous year.

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