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E-mail Xinhua, March 12, 2025
The incremental policy package unveiled by the central government in September 2024, together with the effective implementation of previously introduced policies, has significantly boosted market confidence and driven economic growth in China, official data showed Tuesday.
Here is a set of the latest value-added tax invoice data released by the State Taxation Administration, highlighting the positive trends of the world's second-largest economy.
-- The manufacturing sector has witnessed stable growth, with equipment manufacturing providing strong support. From October 2024 to February 2025, manufacturing sales revenue increased by 3.6 percent year on year, including 8.7 percent for equipment manufacturing.
-- Emerging industries are booming, with new productive forces advancing rapidly. In the five-month period, high-tech industry sales revenue rose 10.6 percent year on year, including 11.7 percent for high-tech services and 9 percent for high-tech manufacturing.
-- Large-scale equipment upgrades and consumer goods trade-ins have steadily progressed. From October last year to last month, enterprise purchases of machinery equipment rose 7.1 percent year on year. Retail sales of household audiovisual equipment, including TVs, jumped 23.3 percent year on year, while home appliance retail sales surged 56.1 percent.
-- Eco-environmental protection services have grown rapidly. During the same period, sales revenue from new energy, energy-saving, and environmental protection technology promotion grew by 29.3 percent, 26.8 percent, and 12.1 percent, respectively.
-- Inter-provincial trade has remained smooth, and the building of a unified national market has advanced steadily. Sales revenue from transportation and logistics grew by 8.3 percent year on year during the five-month period.
"The economic trends and changes in the past five months indicate a sustained improvement in China's economy," said Li Ping, deputy director of the Tax Science and Research Institute of the administration.
Tax authorities will continue to enhance tax and fee services, implement structural tax cuts and fee reductions, support enterprise development, boost market vitality and confidence, and promote high-quality economic growth, Li added.
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