China's fiscal expenditure rose 3.6% year-on-year to CNY 4.67 trillion in the first two months of 2026, according to Ministry of Finance data released Thursday. Central government spending increased 4.5%, while local government outlays grew 3.5%. Notably, social security and employment spending climbed 8.6% to CNY 927.9 billion, and health expenditure jumped 17.3% to CNY 411.9 billion. Meanwhile, fiscal revenue edged up 0.7% to nearly CNY 4.42 trillion. Central government revenue fell 1.7% to about CNY 1.92 trillion, while local government intake rose 2.6% to CNY 2.5 trillion. Tax revenue was broadly flat at CNY 3.64 trillion, up just 0.1%, while non-tax revenue increased 3.4% to CNY 776.1 billion, pointing to limited momentum in core fiscal inflows.
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