On May 20, 2026, the Ministry of Finance officially released the national fiscal revenue and expenditure data for the first four months of 2026. The data shows that the cumulative national general public budget revenue from January to April reached 8.3404 trillion yuan, a year-on-year increase of 3.5%; the cumulative general public budget expenditure was 9.4809 trillion yuan, a year-on-year increase of 1.3%, with a mild expansion of the revenue and expenditure gap, reflecting the direction of the proactive fiscal policy. Among them, the securities transaction stamp duty performed prominently, accumulating 93.5 billion yuan, a significant year-on-year increase of 74.8%, mainly due to the continuous improvement of trading activity in the A-share market. The personal income tax increased by 12.2% year-on-year, reflecting the steady improvement of residents’ income, while the deed tax and land value-added tax fell year-on-year, which is consistent with the adjustment trend of the real estate market. Finance Ministry officials stated that the steady growth of fiscal revenue is supported by the continuous recovery of the domestic economy and the improvement of market vitality. The active A-share market has driven the surge in securities transaction stamp duty, which is an important signal of the recovery of market confidence. In terms of expenditure, the government continues to focus on key areas such as people’s livelihood, infrastructure construction, and technological innovation to provide strong support for economic recovery. Industry analysts pointed out that the current fiscal policy remains proactive and effective, and the moderate expansion of the fiscal gap is conducive to stabilizing economic growth. With the continuous advancement of various stable growth policies, the domestic economy is expected to maintain a steady recovery trend, which will further drive the growth of fiscal revenue. At the same time, the adjustment of real estate-related taxes also reflects the government’s determination to promote the stable and healthy development of the real estate market. Looking ahead, the Ministry of Finance will continue to optimize the fiscal expenditure structure, increase support for key areas and weak links, and promote the high-quality development of the economy while ensuring the sustainability of fiscal operations.