Fiscal revenue improves modestly in Q1
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Revenue from China’s general public budget – its largest fiscal book – returned to growth in Q1.
Revenue rose 2.4% y/y, reversing a 7.9% decline in Q4 and a 1.7% contraction across 2025.
ICYDK: Public budget revenue consists of tax revenue and non-tax revenue, with the latter including fees, fines...