In November 2025, China's fiscal revenue and expenditure growth showed a divergent trend. General public budget revenue remained flat year-on-year, reaching RMB 1.4 trillion, while expenditures declined by 3.7% to RMB 2.27 trillion. Although monthly revenue did not grow, cumulative revenue rose 0.8% year-on-year to RMB 2.01 trillion, reflecting the overall stability of fiscal income. Looking at cumulative figures, expenditure growth outpaced revenue growth—expenditures increased by 1.4% year-on-year to RMB 2.49 trillion—indicating continued policy efforts to stabilize growth and safeguard people’s livelihoods. The faster spending growth suggests active deployment of fiscal funds, effectively supporting economic operations, and underscoring sustained government investment in key areas and weak links. Overall, fiscal policy remains steady. Despite slower revenue growth, rational control of expenditure timing has maintained policy continuity and effectiveness. Moving forward, further optimization of expenditure structure, improved efficiency in fund utilization, and enhanced fiscal sustainability are essential to support high-quality economic development.