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PPI rebound drives 6.7% growth in April fiscal revenue; expenditures shift from increase to decrease
【Caixin】 Fueled by the domestic PPI (Producer Price Index) shifting from decline to rise, along with sustained faster growth on the production side, China’s national fiscal revenue in April 2026 maintained a relatively rapid growth rate of 6.7%, with growth exceeding 6% for two consecutive months. Fiscal expenditure for the month, however, recorded a year-on-year decline, which may be one of the factors dragging down 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 a narrow definition—general public budget revenue—was completed at 2.18 trillion yuan, up 6.7% year on year. The growth rate has remained above 6% for two consecutive months. Among this, tax revenue in April was 1.96 trillion yuan, with the year-on-year growth rate falling back to 8.2%, but still growing by more than 8% for two consecutive months; non-tax revenue for the month was only 2199 billion yuan, turning from growth in the previous month to a decline of 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 in the previous full year.