China's fiscal revenue up 1.3% in 2024

China's fiscal revenue increased by 1.3 percent from the previous year to reach 21.97 trillion yuan (US$3.05 trillion) in 2024, according to data from the Ministry of Finance.

A closer look at the data revealed that the country's tax revenue decreased by 3.4 percent compared with a year earlier, while its non-tax revenue increased by 25.4 percent.

The central government collected 10.04 trillion yuan in fiscal revenue last year, up 0.9 percent year on year, while local governments collected 11.93 trillion yuan, up 1.7 percent.

China's fiscal expenditure expanded by 3.6 percent year on year to 28.46 trillion yuan in 2024. The central government's fiscal expenditure rose by 6.5 percent year on year, while there was a 3.2 percent increase in expenditure by local governments in 2024.

In breakdown, education expenditure hit 4.21 trillion yuan last year, up 2 percent year on year, science and technology expenditure exceeded 1.15 trillion yuan, a 5.7-percent year-on-year increase and expenditure on social security and employment hit 4.21 trillion yuan in 2024 – up 5.6 percent year on year.