Finance Minister Lan Fo'an submitted the 2025 central final accounts report to the Standing Committee of the National People's Congress (NPC) on June 23, 2026, noting that the overall fiscal performance was relatively good.
Central general public budget revenue in 2025 totaled 9.3973 trillion yuan, down 6.5% from 2024 and reaching 96.9% of the budgeted figure. Including funds transferred from other sources, total revenue stood at 9.7373 trillion yuan. Expenditure amounted to 14.4857 trillion yuan, up 2.7% year-on-year and hitting 98.2% of the budget. The resulting deficit was 4.86 trillion yuan, equal to the deficit approved by the third session of the 14th NPC.
Compared with the preliminary execution numbers reported to the fourth session of the 14th NPC, revenue increased by 991 million yuan, mainly due to higher import tax and penalty income during the treasury settlement period. Expenditure decreased by 10.211 billion yuan, as local governments contributed more in the settlement of value-added tax refunds for renewable energy surcharges, offsetting central transfer payments.
Tax revenue was 9.0946 trillion yuan, down 0.5%. Key components: domestic VAT was 3.4336 trillion yuan (99.4% of budget); domestic consumption tax was 1.6857 trillion yuan (99.5%); import VAT, consumption tax and tariffs totaled 2.0638 trillion yuan (93.4%), dragged by falling commodity prices and shrinking general trade imports; corporate income tax was 2.6288 trillion yuan (97.1%), as profit growth fell short of expectations; personal income tax was 971.2 billion yuan (108%), lifted by higher wages and property income; vehicle purchase tax was 197.2 billion yuan (81.6%), reflecting the rapid rise of new energy vehicle sales and declining taxable car sales; export tax rebates grew 10.7% to 2.1337 trillion yuan (111.7%), mirroring robust export expansion. Non-tax revenue plunged 66.5% to 302.7 billion yuan (133.3% of budget) due to a high base effect from a one-time special contribution by central units in 2024.
On the spending side, central-level expenditure was 4.3034 trillion yuan, up 5.7%. Transfer payments to local governments reached 10.1823 trillion yuan, up 1.5%. General transfer payments included 3.8464 trillion yuan for joint fiscal responsibilities (99.6% completion), supporting fiscal equalization and public service standardization. Special transfer payments totaled 944.9 billion yuan (101.6%).
Total central government debt issuance was 16.1409 trillion yuan, with an outstanding balance of 41.2318 trillion yuan at year-end, within the NPC-approved limit of 41.8608 trillion yuan. Local government borrowing reached 10.3233 trillion yuan, and outstanding local debt stood at 54.8232 trillion yuan, also within the statutory ceiling.
The 2025 central budget also recorded a surplus of 260.3 billion yuan in the general public account, of which 111.5 billion yuan was used to replenish the central budget stabilization fund, bringing its year-end balance to 301.7 billion yuan. In 2026, 100 billion yuan has been transferred from the fund to the general budget.
Central government-managed fund revenue was 505.7 billion yuan, and with proceeds from ultra-long special bonds and special bonds for bank recapitalization, total revenue reached 2.3442 trillion yuan. Expenditure was 2.278 trillion yuan. Notably, 1.3 trillion yuan in ultra-long special bonds were issued to support national strategic projects, equipment renewal and consumer goods trade-in programs. Central state capital operations budget revenue surged to 390.3 billion yuan, far above target, after the State Council raised the profit payout ratio of central enterprises. Central social insurance fund revenue was 39.2 billion yuan, with a small annual surplus.
The report highlighted more proactive fiscal measures in 2025: ultra-long special bonds funded 1,459 major projects and spurred over 2.6 trillion yuan in retail sales through trade-in schemes. New local government special bond quota climbed to 4.4 trillion yuan, supporting more than 48,000 projects. Central science and technology spending rose 7.1%, and basic research spending grew 9.6%. On livelihoods, childcare subsidies reached over 30 million infants, and the per capita fiscal subsidy for urban and rural medical insurance was raised to 700 yuan. Central ecological transfer payments increased 7.5% to 120.5 billion yuan.
Going forward, the Ministry of Finance will accelerate the issuance and use of ultra-long special bonds and special-purpose bonds, advance zero-based budgeting reform, and promote the building of a unified national market.