China's Securities Transaction Stamp Tax Reaches 239.1 Billion Yuan in First Three Quarters, Up 65.1% YoY
nashnova research
Ministry of Finance data show securities stamp duty reached ¥239.1 billion in Jan–Sep, up 65.1% year-on-year — the fastest growth of any major tax — while land-sale revenue fell 27.9%, deepening the hot-cold split in public finances.
Why did stamp duty surge this much?
Securities stamp duty hit ¥239.1 billion in the first three quarters, up 65.1% YoY — the highest growth rate among all major tax categories.
This means → A-share trading volumes expanded sharply over the period. Stamp duty is levied on every transaction, so a tax surge maps directly to "more buying and selling."
Total stamp duty revenue reached ¥412.1 billion, up 31.1% YoY. The securities component was the fastest-growing sub-item.
How does the national ledger look overall?
General public budget revenue totalled ¥17.23 trillion, up 5.1% YoY. Tax revenue within that was ¥14.07 trillion, up 6.1%.
Central-government revenue grew 8.3%; local-government own-source revenue grew only 2.7%. In plain terms = Beijing's coffers are recovering far faster than the provinces'.
Non-tax revenue was ¥3.16 trillion, up just 1.2% — a sign that local governments have less room to plug gaps through fines, asset disposals, and other non-tax channels.
Which taxes are rising — and which are falling?
Rising: VAT ¥5.54 trillion (+6%), corporate income tax ¥3.48 trillion (+7.1%), personal income tax ¥1.35 trillion (+14.1%). This reflects a moderate recovery in corporate profits and household incomes.
Falling: deed tax ¥288.4 billion and land-value-added tax ¥281.8 billion both dropped 14.5% YoY. This means → property transaction volumes and the land market are still contracting; housing-sector pressure has not eased.
Put simply = the stock market is heating up while the property market keeps cooling — two markets moving in opposite directions.
Where is the money being spent?
General public budget expenditure totalled ¥21.02 trillion, up only 1% YoY — a notably slow spending pace.
Social security and employment spending hit ¥3.67 trillion (+5.2%); health spending reached ¥1.69 trillion (+7.7%) — the fastest-growing livelihood items.
Debt-interest payments reached ¥1.03 trillion, up 4.7%. This means → the government spent over one trillion yuan on interest alone, and the bill is still growing.
How bad is the land-finance squeeze?
Government-fund budget revenue was ¥2.50 trillion, down 18.6% YoY. Within that, land-use-rights transfer income fell to ¥1.61 trillion, down 27.9%.
In plain terms = the revenue stream local governments once relied on most — selling land — has shrunk by nearly a third, extending a multi-quarter downtrend.
This reflects a deepening drag from the property downturn on local fiscal capacity. Whether securities stamp duty can sustain its high growth for the full year depends on whether A-share trading activity holds up in Q4.
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