China's January-September fiscal revenue up 5.1% y/y

BEIJING, Oct 23 (Reuters) - ‌China's fiscal ​revenue ​increased 5.1% in the first nine months of 2026 from a year earlier, following ‌a gain of 5.7% in the January-August period, ⁠the finance ministry said on Friday.

In the January-September period, fiscal ‌revenue totalled 17.2 trillion ‌yuan ($2.58 trillion), with tax revenue growing 6.1% year-on-year and non-tax revenue expanding 1.2%.

Fiscal expenditure was up 1.0% ​on the year in the period, slowing from a rise of 1.2% in the first eight ⁠months.

China has accelerated local special bond issuance this year and plans ​to front-load part of its 2027 quota, finance ministry official Zhao Zeyong told a press ​conference on Friday.

Net special bond ‌issuance from January to September reached 3.56 trillion yuan, accounting for 81% of ⁠the annual quota, and issuance for September was at 633.5 billion yuan, up by 214.8 billion yuan from the ⁠same month last year, Zhao said.

Revenue from government land sales ​fell 27.9% on the year for the period from January to September, narrowing from a fall of 28.6% in the ‌first eight months of this year.

The property sector downturn that began in mid-2021 has ‌eroded land-sale revenue, long a crucial funding source ⁠for Chinese local governments.

($1 = ‌6.6711 Chinese yuan ​renminbi)

(Reporting by Kevin Yao, Shi Bu and Yukun Zhang; Editing by Christopher Cushing and Philippa ‌Fletcher)

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