China’s fiscal revenue up 5.1% in first three quarters

The gap between revenue growth and much slower expenditure growth is the real signal here, pointing to a fiscal stance that is consolidating rather than stimulating. Tax revenue outrunning total revenue suggests non-tax sources are lagging, which matters for assessing the durability of the improvement. For macro and risk-asset watchers, the open question is whether the faster revenue pace reflects genuine activity or base effects, and whether expenditure growth picks up as the year closes.