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China could achieve major health, economic, and fiscal benefits by increasing taxes on tobacco, alcohol, and sugar-sweetened beverages (SSBs). Modelling from 2026–2050 shows that 20% price hikes could prevent about 1.35 million deaths and generate over ¥6.8 trillion in additional revenue, while yielding millions of years of life gained and modest GDP growth. Health and equity gains are strongest among lower-income groups and men. However, fiscal returns decline beyond high tax share thresholds. Strengthened excise taxation on these products presents a powerful, equitable policy opportunity for improved health and economic outcomes in China