May’s fiscal revenue keeps growing by more than 6%; spending growth has fallen for two consecutive months

【Caixin】 Driven by a rebound in the price level and ongoing economic growth, in May 2026, nationwide fiscal revenue grew 6.6% year on year, maintaining an increase of 6% or more for three consecutive months. On the spending side, the pace continued to slow: fiscal expenditure for the month fell 1.6% year on year, marking a decline for two consecutive months.

Data released by the Ministry of Finance on June 22 showed that, using a narrow definition, fiscal revenue—i.e., nationwide general public budget revenue—increased 6.6% year on year in May. Tax revenue rose 6.8% year on year, with the growth rate falling from the previous two months; non-tax revenue shifted from decline to growth, increasing 5.6% year on year.

Looking at cumulative figures for January to May, nationwide fiscal revenue surpassed 10 trillion yuan, up 4% year on year. The tax revenue growth rate has continued to outpace non-tax revenue, with cumulative increases of 4.4% and 2.2%, respectively.