Logo 29 Apr 2025

Tax revenue lags despite strong Q1 GDP growth

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Tax revenue growth diverged from GDP growth in the first three months of 2025.

In Q1, the economy grew by 5.4% y/y, beating expectations.
However, tax revenue declined by 3.5%.

On Tuesday, Caixin published a report exploring the causes.
First, to offset declining tax revenue in 2024, the finance m...