China's H1 Fiscal Revenue Up 4.7%, Stamp Tax Surges 97%
Taylor Wilson
China's general public budget revenue hit ¥12.1 trillion in H1 2026, up 4.7% year-on-year, with securities stamp duty nearly doubling — the A-share trading boom showed up directly on the government's books.
Revenue vs. spending — where is the gap heading?
H1 general public budget revenue reached ¥12.105 trillion, up 4.7% y/y, accelerating from the 4% pace through May.
Spending totalled ¥14.333 trillion, up just 1.5% y/y — revenue growth outpaced spending growth.
This means → the fiscal deficit is widening more slowly; the government is collecting faster than it is spending.
Tax vs. non-tax — what is driving the pickup?
Tax revenue came in at ¥9.787 trillion, up 5.3% y/y, accounting for roughly 80% of total revenue.
Non-tax revenue was ¥2.318 trillion, up only 2.3% y/y — a much weaker contribution.
In plain terms = this fiscal recovery is led by taxes, not by fines, asset disposals, or other miscellaneous non-tax items.
Why does stamp duty deserve its own spotlight?
Total stamp duty reached ¥275.2 billion, up 40.9% y/y.
Securities-transaction stamp duty alone hit ¥154.9 billion, surging 97.3% — nearly double last year's level.
This means → A-share trading volumes expanded dramatically in the same period. Every stock trade incurs stamp duty, making this figure the most direct fiscal thermometer for market activity.
Central vs. local — whose coffers are filling faster?
Central government budget revenue rose 7.5% to ¥5.224 trillion; local government revenue grew just 2.7% to ¥6.881 trillion.
The same split appeared on the spending side: central spending rose 6.5%, while local spending edged up only 0.6%.
This reflects a recovery that is running much faster at the centre than at the local level — local governments remain squeezed on both sides of the ledger.
Content is for reference only, not financial advice.