China misses 2025 tax revenue target
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As expected, China missed its 2025 tax revenue target. Per data released on January 30 by the finance ministry (MoF):
Tax revenue in 2025 grew 0.8%, way below Beijing’s 3.7% target Revenue expanded 1.0% y/y in Q4 2025, down sharply from 5.6% growth in Q3
Q4 revenues, by category:
Value-added tax ...