BEIJING — China’s fiscal revenue declined by 0.3 percent in the first five months of 2025 from a year earlier, finance ministry data showed on Friday, as global trade uncertainty intensified by US tariffs weighed on the economy.
Fiscal revenue in the January-May period, totalling 9.66 trillion yuan ($1.34 trillion), was slightly less than the 0.4 percent drop over the first four months of the year.
Tax revenue fell 1.6 percent in the January-May period from the previous year and non-tax revenue grew 6.2 percent.
China’s economy, already dragged down by a prolonged property slump and tepid business and consumer confidence, has come under extra pressure from trade tensions with the United States after Donald Trump’s return to the White House in January.
May’s economic data showed China’s factory output growth hit a six-month low as international demand was weak, although domestic retail sales were boosted by Labour Day holiday spending and a government-subsidized consumer goods trade-in programme.
The country’s May exports growth missed expectations, falling significantly from previous month while a persistent threat of deflation squeezed companies’ profits.
Friday’s data also showed revenue from land sales by China’s local governments remained subdued and maintained a double-digit year-on-year contraction of 11.9 percent in the first five months, reflecting the extent of the property downturn.
Fiscal expenditure increased by 4.2 percent year-on-year in January-May, slightly slower than the 4.6 percent rise in the January-April period.
