2Firsts, January 23, 2026, Shenzhen
China National Tobacco Corporation (CNTC) paid a record $222 billion into China’s state finances in 2025, according to official industry data.
Fiscal contributions to the state budget totaled RMB 1.58 trillion, up 2.3% from a year earlier. Combined industrial and commercial taxes and profits reached RMB 1.657 trillion, an increase of 3.5% year-on-year.
Both figures were the highest on record.
According to data published on the website of China’s Ministry of Finance, national general public budget revenue totaled RMB 21.97 trillion in 2024. On that basis, CNTC’s 2025 fiscal contribution would amount to about 7.2% of national general public budget revenue.
For the latest reporting on China’s tobacco and nicotine market, follow 2Firsts.
2FIRSTS | After Export Tax Rebates Go to Zero: How China’s E-Cigarette Supply Chain Is Being Reshaped, According to 2Firsts Research
China’s e-cigarette industry is adjusting to a major policy shift. From April 1, 2026, China will scrap the 13% export VAT rebate on e-cigarette products, a move affecting manufacturers centered in Shenzhen. Industry participants told 2Firsts the change is forcing a reassessment of pricing and capacity, with competition shifting toward cash flow resilience, regulatory compliance, and multi-location strategies.
www.2firsts.com
2FIRSTS | China to Cancel VAT Export Rebates on E-Cigarette Products from April 1, 2026
China’s Ministry of Finance and State Taxation Administration have announced adjustments to export tax rebate policies, placing nicotine-containing non-combustible inhalation products within the scope of items subject to rebate cancellation. The measures will take effect from April 1, 2026.
www.2firsts.com
2FIRSTS | China’s Tobacco Regulator Moves to Introduce Credit Management Framework for E-Cigarette Manufacturers， Greater Transparency May Improve International Assessability of China’s Supply Chain
China’s tobacco regulator has moved to introduce a credit management framework for e-cigarette manufacturers, outlining a system that links compliance records to regulatory oversight. The proposal forms part of a broader push to institutionalize supervision and improve transparency across China’s e-cigarette supply chain.
www.2firsts.com
