# R&D spending

China’s 2025 Fiscal Year: Stable Taxes, Bigger Bond-Financed Spending and a Bold Childcare Bet

China ended 2025 with modestly lower overall budget revenue but slightly higher tax collections and expanded spending financed in part by a surge in bond deployment. Authorities combined a universal childcare cash subsidy with accelerated bond-financed projects to boost demand while maintaining targeted social and scientific spending.