Markets
China Hit Brakes on Fiscal Stimulus as
Economy Holds Up Amid War
随着经济在战争背景下保持稳定，中国开始收
紧财政刺激政策
By Bloomberg News 彭博新闻社
April 24, 2026 at 4:10 PM GMT+8
Updated on 更新于April 24, 2026 at 6:45 PM GMT+8
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China pulled back on fiscal spending in March as the
economy rebounded at the start of the year despite
disruptions caused by the war in Iran.
尽管伊朗战争造成了⼀定⼲扰，但随着年初经济出现反弹，中
国在 3 ⽉份收紧了财政⽀出。
A broad measure of public expenditure fell % last month
from a year earlier, its biggest decline since October,
according to Bloomberg calculations based on Ministry of
Finance data released Friday.
据彭博社根据财政部周五发布的数据计算，上⽉公共⽀出的⼴
义指标较去年同期下降了 %，这是⾃ 10 ⽉以来的最⼤降
幅。
Translate 翻译
0:000:00 / 3:12/ 3:12
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By contrast, broad fiscal revenue climbed %, the most
since July, leaving a deficit of over trillion yuan ($230
billion).
相⽐之下，财政总收⼊增长了 %，创 7 ⽉以来最⼤增幅，
导致财政⾚字超过 万亿元（2300 亿美元）。
China's Broad Budget Spending Falls Most Since October
中国⼴义财政⽀出降幅创 10 ⽉以来最⼤
Source: Bloomberg calculations based on Ministry of
Finance data
来源：彭博社根据财政部数据计算得出
Note: The MOF does not provide single-month numbers for
January.
注：财政部未公布 1 ⽉份的单⽉数据。
The world’s second-biggest economy saw growth pick up
more than expected in the first quarter, in a turnaround
from the end of last year as manufacturing powered ahead.
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The conflict in the Middle East has yet to pose a major
threat to China, thanks in part to the country’s past moves
to beef up energy security.
作为全球第⼆⼤经济体，中国第⼀季度的经济增长势头好于预
期，这与去年年底的情况形成反转，主要得益于制造业的强劲
增长。中东冲突尚未对中国构成重⼤威胁，这在⼀定程度上归
功于中国此前为加强能源安全所采取的措施。
The surprise upswing in growth may have reduced the need
for fiscal stimulus beyond what’s planned in the budget for
this year. Policymakers are also careful in extending support
because of mounting debt concerns and shrinking
government income.
经济增长的意外回升，可能已降低了对超出今年预算计划范围
的财政刺激措施的需求。此外，鉴于债务问题⽇益严峻以及政
府收⼊减少，决策者在扩⼤⽀持⼒度⽅⾯也持谨慎态度。
There’s also less urgency for Beijing after it lowered its
annual growth target to %-5% this year — the least
ambitious goal since 1991.
鉴于北京⽅⾯已将今年的年度增长⽬标下调⾄ %⾄ 5%——这
是⾃ 1991 年以来最不具雄⼼的⽬标——因此其紧迫感也随之减
弱。
“The priority is to fully implement the policies already in
place,” Yang Zhiyong, director of the government-backed
Chinese Academy of Fiscal Sciences, told Bloomberg.
“当务之急是全⾯落实现⾏政策，”政府⽀持的中国财政科学研
究院院长杨志勇对彭博社表⽰。
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China's Budget Deficit Widens Despite March Pullback
尽管 3 ⽉份有所收窄，中国财政⾚字仍在扩⼤
Source: Ministry of Finance data showing cumulative budget
position
来源：财政部数据，显⽰累计预算状况
Note: Numbers don't include single month figure data for
January as the MOF only provides year-to-date figures.
注：数据中未包含 1 ⽉份的单⽉数据，因为财政部仅提供年初
⾄今的累计数据。
China modestly dialed down its annual plan for fiscal
stimulus in 2026 after years of rapid expansion in
government borrowing. Beijing has turned more cautious as
it’s trying to contain local debt risks.
在政府借贷经历多年快速扩张后，中国适度下调了 2026 年的
财政刺激年度计划。随着北京⽅⾯试图控制地⽅政府债务风
险，其政策⽴场已变得更为审慎。
Constrained by narrowing fiscal space, policymakers are
also experimenting with ways to amplify the reach of
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government expenditure on economic activity. This year,
they announced measures to fund financial tools such as
loan guarantees and an interest subsidy with public money,
in an attempt to encourage business investment and
consumer spending.
受财政空间⽇益收窄的制约，政策制定者也在探索各种途径，
以扩⼤政府⽀出对经济活动的影响范围。今年，他们宣布了利
⽤公共资⾦⽀持贷款担保和利息补贴等⾦融⼯具的措施，旨在
⿎励企业投资和消费者⽀出。
The conflict in the Middle East could still complicate
stimulus plans, since the blocking of the Strait of Hormuz, a
vital waterway for energy, is pushing up oil prices and risks
weakening foreign demand for Chinese exports.
中东冲突仍可能给刺激计划带来变数，因为霍尔⽊兹海峡——这
条对能源运输⾄关重要的⽔道——遭到封锁，正推⾼油价，并可
能削弱中国出⼜产品的海外需求。
The government has room to “adjust or optimize” measures
depending on how the situation evolves, Yang said,
acknowledging external uncertainty has “intensified.”
杨表⽰，政府有余地根据形势发展“调整或优化”相关措施，同
时承认外部不确定性已“加剧”。
Tax revenue rose % on year in January-March, the
strongest cumulative gain since 2023, the ministry’s data
showed. The rebound suggests government efforts to close
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tax loopholes and tighten collection are paying off.
该部数据显⽰，1 ⽉⾄ 3 ⽉期间税收收⼊同⽐增长 %，创下
2023 年以来最强劲的累计增幅。这⼀回升表明，政府为堵塞
税收漏洞、加强征管所做的努⼒正在取得成效。
Broad government income fell in the past two years as
slowing economic growth dented tax receipts and a
prolonged housing slump led to a contraction in land sales
revenue.
过去两年间，政府总收⼊出现下滑，原因是经济增长放缓导致
税收减少，⽽持续的房地产市场低迷则导致⼟地出让收⼊缩
减。
As a result, Chinese authorities are having to take unusually
strong measures to boost income, since more public
spending needs to go toward spurring consumption,
alongside trying to make up for waning private investment.
因此，中国当局不得不采取异常强有⼒的措施来提振收⼊，因
为除了试图弥补私⼈投资的下滑外，还需要将更多的公共⽀出
⽤于刺激消费。
Still, in a sign that weakness still plagues the property
market, local income from selling land continued to
decrease at double-digit rates, tumbling % in the first
quarter.
尽管如此，作为房地产市场疲软的迹象，当地⼟地出让收⼊仍
以两位数的速度持续下滑，第⼀季度暴跌 %。
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