CCTV News: According to the official account of the State Administration of Taxation, since the end of September 2024, a package of incremental policies decisively deployed by the CPC Central Committee and the State Council has continued to make efforts. In addition, the existing policies issued in the early stage have been implemented and effective, which has effectively boosted market confidence and enhanced the momentum of economic development. The latest value-added tax invoice data released by the State Administration of Taxation shows that from October 2024 to February 2025, the national enterprise sales revenue increased by 1.1 percentage points compared with the third quarter of 2024. The invoice data reflects the following five highlights of economic operation: First, the manufacturing industry has grown steadily and the supporting role of equipment manufacturing is strong. VAT invoice data shows that manufacturing sales revenue from October 2024 to February 2025 increased by 3.6% year-on-year. Among them, the sales revenue of the equipment manufacturing industry increased by 8.7% year-on-year, especially the sales revenue of the railway, ship, aerospace equipment manufacturing industry and computer communication equipment manufacturing industry grew rapidly, with a year-on-year increase of 9.3% and 11% respectively.

Secondly, emerging industries are growing well, and new quality productivity is accelerating their development. VAT invoice data shows that the sales revenue of high-tech industries increased by 10.6% year-on-year from October 2024 to February 2025, of which the sales revenue of high-tech services and high-tech manufacturing increased by 11.7% and 9% year-on-year respectively; the sales revenue of core industries of the digital economy increased by 5.6% year-on-year during the same period, of which the sales revenue of digital product manufacturing and digital technology application increased by 8.4% and 9.5% year-on-year respectively.

The third is that equipment updates are steadily advancing, and consumer goods traded for new products continue to improve. VAT invoice data shows that from October 2024 to February 2025, driven by large-scale equipment update policies, the amount of machinery and equipment purchased by enterprises nationwide increased by 7.1% year-on-year; driven by factors such as state encouragement, local government support and corporate concessions, the retail sales of household audio-visual equipment such as TVs and refrigerators increased by 23.3% and 56.1% year-on-year respectively, and the retail sales of furniture and sanitary ware related to home improvement increased by 28.5% and 17.4% year-on-year respectively.

Fourth, ecological and environmental protection services are growing rapidly, and the clean energy industry is developing rapidly. VAT invoice data shows that from October 2024 to February 2025, the sales revenue of green technology promotion services such as new energy, energy conservation, and environmental protection increased by 29.3%, 26.8% and 12.1% year-on-year respectively, and the sales revenue of clean energy industries such as solar energy, biomass energy, and wind power increased by 26.7%, 10.9% and 6.1% year-on-year respectively.

Fifth, inter-provincial trade will continue to be smooth, and the construction of a unified large market will be promoted in an orderly manner. VAT invoice data shows that from October 2024 to February 2025, inter-provincial sales accounted for nearly 40% of the national sales revenue, an increase of 0.4 percentage points over the same period; sales revenue of the transportation and logistics industry increased by 8.3% year-on-year, of which the sales revenue of the ocean freight transportation and cargo transportation agency industries related to foreign trade increased by 25% and 27.6% year-on-year respectively.

"A series of new trends and new changes in my country's economic operation in the past five months show the continued positive trend of my country's economy." Li Ping, deputy director of the Taxation Science Institute of the State Administration of Taxation, said that the tax department will continue to optimize tax and fee services, implement structural tax and fee reduction policies, further enhance the development momentum of enterprises, stimulate market vitality, help boost market confidence, and better serve high-quality economic development.