Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, May 19 (Xinhua) — The total amount of tax and fee cuts and tax refunds to support China’s scientific and technological innovation and manufacturing sector in the first quarter of 2025 was 424.1 billion yuan (58.97 billion U.S. dollars), the General Administration of Taxation (GATT) said Monday.
As noted by the department, data on value added tax (VAT) invoices indicate that structural measures to reduce taxes and fees accelerate the innovative impulse in the country and contribute to the high-quality development of the manufacturing industry.
In the first four months of this year, sales revenue in China’s high-tech industries grew by 13.9 percent year on year, while the growth in services for the commercialization of scientific and technological achievements was 33.6 percent. Key sectors of the digital economy also maintained stable growth at 9.7 percent.
The manufacturing sector also showed strong performance, with both digital and high-tech manufacturing posting double-digit revenue growth during the reporting period.
Tax authorities will continue to ensure prompt and targeted delivery of policy measures to enterprises based on data to promote the development of new-quality productive forces and high-quality growth of China’s manufacturing sector, the State Tax Administration emphasized. -0-