China’s economic direction in early 2025 is drawing close scrutiny, not only due to ambitious fiscal targets but also because of external factors, particularly heightened tariff pressures from the United States. According to the latest data released by China’s Ministry of Finance, tax revenues from January to March reached 6.0 trillion yuan (approx. $821.54 billion), representing a year-over-year decline of just 1.1%. For comparison, during the first two months of the year, the drop was 1.6%, indicating a modest slowdown in the pace of revenue reduction.