Finance Minister Lan Fo'an delivered the 2025 central final accounts report at the 23rd session of the 14th NPC Standing Committee. Total central general public budget revenue was 9,737.253 billion yuan, total expenditure 14,597.253 billion yuan, resulting in a deficit of 4,860 billion yuan, consistent with the budget.
On the revenue side, central general public budget revenue reached 9,397.253 billion yuan, 96.9% of the budget and down 6.5% year-on-year. Tax revenue amounted to 9,094.572 billion yuan, a decline of 0.5%. Individual income tax outperformed at 108% of the budget due to higher wages and property income, while vehicle purchase tax only achieved 81.6% owing to the rapid adoption of new energy vehicles. Non-tax revenue contracted sharply to 302.681 billion yuan, a drop of 66.5%, mainly because of a high base effect from one-off gains in 2024.
On the expenditure side, central general public budget spending totaled 14,485.727 billion yuan, 98.2% of the budget and up 2.7%. Transfer payments to local governments reached 10,182.303 billion yuan, increasing 1.5%. Spending progress varied notably: grain and material reserves stood at just 77.7%, while education expenditures reached 105.1%. At year-end, 111.526 billion yuan was added to the Central Budget Stabilization Fund, bringing its balance to 301.66 billion yuan. Central-level spending on official overseas visits, vehicles and receptions was further reduced to 3.848 billion yuan, down 206 million yuan.
The report detailed multiple debt figures. In 2025, the central government issued 16,140.902 billion yuan in government bonds; outstanding central government debt stood at 41,231.768 billion yuan within the approved limit. Local governments borrowed an additional 10,323.325 billion yuan, pushing their outstanding debt to 54,823.196 billion yuan. A total of 1.3 trillion yuan in ultra-long special government bonds were issued, with 800 billion yuan directed to major national strategies and security capacity building, 300 billion yuan to expand consumer goods trade-in programs, and 200 billion yuan to support large-scale equipment upgrades. New local government special-purpose bonds amounted to 4.4 trillion yuan, supporting over 48,000 projects. The Ministry of Finance also issued its first offshore 6-billion-yuan green sovereign bond.
In social welfare, the government raised the per capita fiscal subsidy for urban and rural residents' basic medical insurance to 700 yuan per year. A nationwide childcare subsidy system was introduced, granting 3,600 yuan annually per child under three, with central government subsidies spending around 90 billion yuan and benefiting over 30 million infants. Basic pension transfer payments reached 1.19 trillion yuan, and long-term care insurance covered nearly 310 million people.
Additionally, central state capital operations budget revenue surged to 390.274 billion yuan, 173.4% of the budget, driven by higher profit dividends from centrally owned enterprises. The central social insurance fund recorded a surplus of 1.725 billion yuan for the year. The national pooling and adjustment fund was broadly balanced.
Finance authorities emphasized continued proactive fiscal policy, rigorous budget execution, accelerated bond issuance, and coordinated efforts to advance zero-based budgeting reform, mitigate local government debt risks, and build a unified national market.