(Yicai) Oct. 24 -- China's broad fiscal revenue, which combines the national general public budget and government fund revenue, increased in the January to September period for the first time this year, buoyed by a steady economic performance.

Broad fiscal revenue rose 0.4 percent to CNY19.46 trillion (USD2.67 trillion) in the nine months ended Sept. 30 from a year earlier, according to figures released by the Ministry of Finance yesterday.

Government fund revenue fell 0.5 percent to CNY3.07 trillion (USD430.9 billion) in the same period, ministry data showed on Oct. 17.

General public budget revenue widened 0.5 percent to CNY16.39 trillion. Tax revenue climbed 0.7 percent to CNY13.27 trillion, buoyed by an 8.7 percent jump last month, and non-tax revenue fell 0.4 percent to CNY3.12 trillion, compared with 13.5 percent growth a year earlier. 

Tax revenues increased due to steady economic growth, a lively capital market, a low base of comparison from last year, and stepped up tax collection efforts, according to fiscal experts.

The market value of Chinese mainland-listed companies exceeded CNY100 trillion (USD14.04 trillion) for the first time in August, and the benchmark Shanghai Composite Index hit a 10-year high in September. Average daily stock trading was CNY2.3 trillion in August and CNY2.4 trillion in last month.

Tax revenue from capital market services rose 56.8% year-on-year, with stamp duty on securities trading soaring 110.5%. Other sectors and tax types linked to financial markets also saw strong growth — for example, insurance tax revenues grew 13.3%.

Tax revenue from capital market services has jumped 57 percent year on year so far in 2025, with stamp duty on securities trading soaring 111 percent, according to data from the State Taxation Administration. Other financial sectors also had strong growth, with the insurance industry seeing its tax revenue widen by more than 13 percent.

However, the growth in tax revenues is expected to moderate this quarter due to a higher base in the same period of last year, said Huang Lixin, director of the Tax Science and Research Institute of the STA.

Meanwhile, non-tax revenue now faces a high base effect after years of strong growth, the experts told Yicai. Local governments have fewer assets and resources left to monetize, while the central government has tightened oversight of fines and confiscations and further standardized business-related administrative enforcement, resulting in lower related income.

China’s broad fiscal expenditure, which includes the national general public budget and government fund expenditure, rose 7.9 percent to CNY28.3 trillion in the first three quarters, exceeding the country’s 5.2 percent economic growth rate.

Government fund expenditure surged 24 percent to CNY7.49 trillion, and general public budget expenditure rose 3.1 percent to CNY20.81 trillion, with spending on social security and employment, education, and healthcare increasing 10 percent, 5.4 percent, and 4.7 percent, respectively.

Editor: Futura Costaglione