Beijing's fiscal revenue for 2025 has outperformed the national average for local governments. Beijing has presented its government fiscal ledger for 2025, revealing steady growth in local fiscal revenue that surpasses the national average. On January 25th, the fourth session of the 16th Beijing Municipal People's Congress commenced, during which the "Report on the Implementation of Beijing's 2025 Budget and the 2026 Budget (Draft)" (hereinafter referred to as the Beijing Budget Report) was submitted for deliberation. According to information disclosed by the Beijing Municipal Finance Bureau interpreting the budget report, Beijing's general public budget revenue for 2025 is 668.06 billion yuan, a year-on-year increase of 4.8%. This revenue growth rate is close to the city's Gross Domestic Product (GDP) growth rate (5.4%) for the same year. The Beijing Municipal Finance Bureau stated that Beijing's fiscal revenue growth for 2025 is stable and of high quality. The city's general public budget revenue maintained relatively good growth, showing a stable and quality operational trend, with the revenue growth rate consistently higher than the national level. Tax revenue accounted for 86.5% of the local general public budget revenue, demonstrating strong resilience in revenue growth. The image above is from the Beijing Municipal Finance Bureau. Based on Ministry of Finance data, the local general public budget revenue at the provincial level increased by 2.2% year-on-year in the first 11 months of 2025. Beijing's revenue growth rate is clearly higher than this national average for local governments. Beijing's general public budget revenue growth rate for 2025 is also higher than that of 2024 (3.1%) and aligns with the local projection made at the beginning of the year (around 4%). Local general public budget revenue consists of tax revenue and non-tax revenue; generally, a higher proportion of tax revenue, which is most closely linked to the economy, indicates higher quality fiscal revenue. Beijing's tax revenue share reached 86.5% in 2025, slightly higher than in 2024 (85.9%), and it is expected that the quality of Beijing's fiscal revenue will continue to rank among the top nationally. The economy determines fiscal conditions. The steady growth of Beijing's fiscal revenue last year benefited from the stable operation of the local economy. According to the municipal government work report for this year, the city's GDP reached 5.2 trillion yuan, growing by 5.4%, which is 0.4 percentage points higher than the national average. In recent years' rankings of general public budget revenue scale among 31 provincial-level regions, Beijing has consistently held the sixth position nationwide. Based on fiscal data currently disclosed by some provinces, it is projected that Beijing's revenue will continue to rank sixth nationally in 2025. In recent years, Beijing has vigorously developed high-precision and advanced industries. The Beijing Municipal Finance Bureau stated that Beijing is steadily transforming its old and new growth drivers, with the fiscal contribution from "high-precision and advanced" sources stable and rising. In 2025, the fiscal contribution from high-tech enterprises, the core digital economy industries, and unicorn companies increased by 7.6%, 7.4%, and 6.7% respectively compared to 2020. Last year, Beijing's fiscal expenditures continuously increased in effectiveness, strengthening financial support for major tasks, with funds continuing to be prioritized for areas such as people's livelihoods. According to information disclosed by the Beijing Municipal Finance Bureau, Beijing's total general public budget expenditure for 2025 is 840.19 billion yuan, basically flat compared to the previous year, representing a 4.8% increase on a comparable basis. Among these, investment in people's livelihoods consistently accounts for over 80% of the total general public budget expenditure, continuously improving public welfare. Government fund budget revenue, primarily from land sales, is also an important source of local finance, and Beijing's revenue in this category achieved growth, outperforming the national average for local governments. According to data from the Beijing Municipal Finance Bureau, Beijing's government fund revenue for 2025 is 219.39 billion yuan, a year-on-year increase of 4.7%, halting the continuous decline seen in recent years and also exceeding expectations. Beijing's government fund expenditure is 321.7 billion yuan, a year-on-year increase of 6%. Overall, Beijing's fiscal revenue and expenditure operated steadily in 2025. A significant highlight of the Beijing Budget Report is its projections for revenue and expenditure in 2026. Information disclosed by the Beijing Municipal Finance Bureau interpreting the budget report shows that Beijing's general public budget revenue for 2026 is projected to be 695 billion yuan, a year-on-year increase of around 4%. This growth rate is consistent with the projected growth rate at the beginning of 2025 and is similar to Beijing's projected GDP growth rate for 2026 (around 5%). Additionally, Beijing's government fund revenue for 2026 is projected to be 219.45 billion yuan, remaining flat compared to the previous year. Regarding expenditures, information publicly released by the Beijing Municipal Finance Bureau indicates that the city's general public budget expenditure for 2026 is projected to be 860.02 billion yuan, a year-on-year increase of 2.4%. This growth rate is higher than last year's actual expenditure growth rate (approximately 0.1%), indicating that fiscal expenditure will maintain a certain level of intensity. The city's government fund expenditure for 2026 is projected to be 270.02 billion yuan.