China's Economy Sees Steady Recovery with Implemented Policies

The State Council of the People's Republic of China announced that since the deployment of a package of incremental policies last year, the growth rates of invoice sales and tax revenue have steadily rebounded. Major industries and tax types have achieved steady growth, capital market-related taxes have maintained a relatively high growth rate, and the decline in real estate-related taxes has narrowed. The growth rate of VAT invoice sales and tax revenue has shown steady progress over the past year, with a significant increase in revenue from capital market services.

Key Takeaways:

• The growth rate of VAT invoice sales and tax revenue has steadily rebounded, with a 0.4% increase in quarterly sales revenue growth rates of enterprises nationwide from the third quarter of last year to the third quarter of this year.
• Tax revenue has maintained positive growth for eight consecutive months since February this year, with a cumulative growth rate increasing monthly.
• Capital market-related taxes maintained a high growth rate, with tax revenue from capital market services increasing by 56.8% year-on-year.
• The decline in real estate-related taxes has narrowed, with a cumulative tax reduction of nearly 80 billion yuan so far this year.
• Enterprise equipment upgrades are accelerating nationwide, with the trade-in policy for consumer goods continuing to unleash consumer spending.
• Revenue from major industries and tax categories has grown steadily, with manufacturing tax revenue increasing by 5.4% year-on-year and tax revenue from some high-end manufacturing industries seeing rapid growth.

Statistics:

• The quarterly sales revenue growth rates of enterprises nationwide were 0.4%, 2.6%, 2.1%, 3.1%, and 4.4% from the third quarter of last year to the third quarter of this year.
• Tax revenue maintained positive growth for eight consecutive months since February this year, with a cumulative growth rate increasing monthly.
• Tax revenue from capital market services increased by 56.8% year-on-year.
• The cumulative tax reduction from preferential real estate tax policies is nearly 80 billion yuan.
• Revenue from major industries and tax categories has grown steadily, with manufacturing tax revenue increasing by 5.4% year-on-year.

Sources:

• State Council of the People's Republic of China
• State Administration of Taxation
• National Development and Reform Commission's Institute of Economics
• Central University of Finance and Economics
• The original story: https://www.gov.cn/lianbo/bumen/202510/content_7044276.htm