AI Data Insight
Latest data shows that China's total government final consumption reached 13,204.12 billion RMB in the fourth quarter of 2025, showing almost no growth compared to the previous observation point of 13,188.663 billion RMB in the fourth quarter of 2023, highlighting a stagnation in direct government consumption expenditure. Against the backdrop of the official fiscal deficit rate being maintained at approximately 4%, the fiscal focus has clearly shifted toward fixed-asset investment and local debt swaps. Whether future policies can effectively stimulate sluggish household consumption will be the key to achieving an economic breakthrough.