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Factbox: China's VAT data reflects notable strides in high-quality development
Last Updated: 2025-04-10 09:59 | Xinhua
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BEIJING, April 9 (Xinhua) -- China's economy showed solid momentum in the first quarter of 2025, with tax data pointing to notable progress in high-quality development.

Official value-added tax (VAT) invoice data released by the State Taxation Administration on Wednesday showed steady growth across key sectors.

Here is a set of data that reflects stronger innovation momentum, rapid growth in the green economy, solid expansion of the real economy, rising service consumption, accelerated equipment upgrades, and smooth logistics supporting a unified national market.

-- China's high-tech industries saw its sales revenue increase 13.4 percent year on year in the first quarter, continuing the rapid growth momentum. Sales revenue in digital product manufacturing and digital technology application sectors rose by 12 percent and 11.6 percent, respectively, reflecting the deepening integration of digital technology with the real economy.

-- The clean energy sector continued to grow, with sales revenue from solar power generation rising 42.3 percent year on year. Driven by rising demand for green travel, sales revenue in the new energy vehicle manufacturing sector increased by 18.6 percent.

-- In the first quarter, sales revenue of manufacturing sector rose by 4.8 percent year on year, accounting for 29.1 percent of the country's total sales, an increase of 0.8 percentage points from the same period last year.

-- Boosted by holiday spending during the Spring Festival, service consumption rose by 5.3 percent year on year. Sales revenue from scenic areas management and travel agency services increased by 40.5 percent and 15.5 percent, respectively, reflecting the strong recovery in tourism consumption.

-- Driven by large-scale equipment upgrade policies, corporate purchases of machinery and equipment rose by 11 percent year on year, continuing the strong growth momentum seen last year.

-- Boosted by the expanded consumer goods trade-in program, retail sales of household appliances such as refrigerators grew by 38.4 percent, while sales of communication devices like mobile phones increased by 27.3 percent.

-- Sales revenue in the transportation and logistics sector grew by 7.8 percent year on year.

As the country's more proactive fiscal policy and moderately loose monetary policy gradually took effect, along with the continued implementation of last year's incremental and established policy measures, the economy has made a solid start in the first quarter with encouraging new trends, said Shen Xinguo, an official with the State Taxation Administration.

(Editor: fubo )

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Factbox: China's VAT data reflects notable strides in high-quality development
Source:Xinhua | 2025-04-10 09:59
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