China reports 4.7% growth in H1 budget revenue, 1.5% increase in expenditures

China's Ministry of Finance reported a 4.7% year-on-year increase in consolidated budget revenue to 12.1 trillion yuan for the first half of 2026, while expenditures rose by 1.5%. The data indicates a widening fiscal surplus gap, though the underlying quality of revenue and regional fiscal health remain uncertain.