By Special Correspondent

China closed the fiscal year 2025 with national general public budget revenue of 21.604 trillion yuan and expenditure of 28.739 trillion yuan, according to the report on the execution of the central and local budgets submitted to the national legislature.

The report states that revenue in the national general public budget declined by 1.7% compared with 2024, reaching 21.604488 trillion yuan, which represented 98.3% of the budgeted figure. Tax revenue amounted to 17.636323 trillion yuan, reflecting an increase of 0.8%, while non-tax revenue fell by 11.3% to 3.968165 trillion yuan.

After adding 1.575378 trillion yuan transferred from budget stabilization funds, government-managed funds, state capital operations and carryover balances, total available revenue reached 23.179866 trillion yuan.

Total expenditure under the national general public budget rose by 1% year-on-year to 28.739542 trillion yuan, equivalent to 96.8% of the budgeted amount. With the addition of 100.324 billion yuan used to replenish the Central Budget Stabilization Fund, total expenditure stood at 28.839866 trillion yuan.

As a result, total expenditure exceeded total revenue, producing a budget deficit of 5.66 trillion yuan, consistent with the approved fiscal plan.

Revenue in the central general public budget fell by 6.5% to 9.396262 trillion yuan, representing 96.9% of the budgeted figure. With the addition of 100 billion yuan from the Central Budget Stabilization Fund and 240 billion yuan from the budget of central government state capital operations, total central revenue reached 9.736262 trillion yuan.

Expenditure in the central general public budget increased by 2.8% to 14.495938 trillion yuan. Of this amount, central government expenditures totaled 4.303424 trillion yuan, while transfer payments to local governments reached 10.192514 trillion yuan. With the addition of 100.324 billion yuan contributed to the Central Budget Stabilization Fund, total expenditure reached 14.596262 trillion yuan.

The gap between revenue and expenditure resulted in a central government deficit of 4.86 trillion yuan.

Major revenue items included 3.43362 trillion yuan from domestic value-added tax, an increase of 3.3%, and 1.685747 trillion yuan from domestic excise tax, which rose by 2%. Corporate income tax revenue totaled 2.628753 trillion yuan, representing a decline of 0.6%.

Revenue from individual income tax amounted to 971.217 billion yuan, marking an increase of 11.5%. Stamp duty on securities transactions rose sharply by 57.8% to 203.535 billion yuan.

Revenue from customs duties reached 236.914 billion yuan, while value-added tax and excise tax on imports totaled 1.826345 trillion yuan.

Central government expenditures included 1.784665 trillion yuan allocated for national defense, 243.848 billion yuan for public security, 183.314 billion yuan for education, and 387.705 billion yuan for science and technology.

Spending on the stockpiling of grain, edible oils and other materials amounted to 102.359 billion yuan, while debt interest payments totaled 819.361 billion yuan.

Central government transfer payments to local governments reached 10.192514 trillion yuan. Of this amount, general transfer payments totaled 9.247598 trillion yuan, while special transfer payments amounted to 944.916 billion yuan.

At the local level, revenue in the local general public budget totaled 22.40074 trillion yuan. This included 12.208226 trillion yuan in local government revenue and 10.192514 trillion yuan in transfer payments from the central government.

With the addition of transfers from local budget stabilization funds, government-managed funds and carryover balances, total local revenue reached 23.636118 trillion yuan.

Local government expenditure totaled 24.436118 trillion yuan, representing an increase of 0.2% compared with the previous year and accounting for about 85% of national general public budget spending.

In addition to the general public budget, revenue of government-managed funds nationwide reached 5.770355 trillion yuan in 2025. With additional financing through bond issuance and carried-over funds, total revenue under government-managed funds amounted to 12.008862 trillion yuan.

Expenditure under government-managed funds totaled 11.287354 trillion yuan.

Revenue from state capital operations nationwide rose by 25.8% to 854.695 billion yuan, while expenditure from these operations totaled 264.731 billion yuan.

Meanwhile, social insurance funds nationwide recorded revenue of 12.603368 trillion yuan and expenditure of 11.14141 trillion yuan. The surplus for the year stood at 1.461958 trillion yuan, which was rolled over to increase the year-end balance.

By the end of 2025, outstanding central government debt totaled 41.231768 trillion yuan, while local government debt stood at 54.823082 trillion yuan, including general debt of 17.512036 trillion yuan and special debt of 37.311046 trillion yuan. Both figures remained within the limits approved by the national legislature.

Credit: INP-WealthPk