China presented its 2025 central government final accounts to the NPC Standing
Committee, saying fiscal performance was broadly sound and fiscal policy more
active to stabilise growth. Central general public budget revenue was 9.40 tln
yuan, 96.9% of budget; including related transfers total revenue was 9.74 tln
yuan. Central general public budget expenditure was 14.49 tln yuan, 98.2% of
budget; with a supplement from the central budget stabilization fund total
spending was 14.60 tln yuan. Through end‑May Beijing issued 6.41 tln yuan of
sovereign bonds and 1.83 tln yuan of new local government bonds;
central-to-local transfer payments of 9.21 tln yuan have been allocated.
Authorities said fiscal receipts and outlays were broadly stable through May
with key areas funded, and pledged targeted, more active fiscal measures,
tighter budget execution, optimized spending structure, steps to boost domestic
demand, support livelihoods and stabilise local finances.
