Tax data illustrate resilience of Chinese economy

Newly released tax data for the first 11 months of 2025 have pointed to steady growth momentum in China's economy, featuring a rise in consumption, resilient exports, advances in sci-tech innovation, greener development and further progress in the creation of a unified national market.

Thanks to the steady improvement of the economy, total tax and fee revenues collected by tax authorities from January to November exceeded 29 trillion yuan ($4.1 trillion), according to Cai Zili, deputy head of the State Taxation Administration.

The Chinese government has unveiled a raft of measures to boost consumption, including an expanded consumer goods trade-in program, increased consumer finance offerings and strengthened employment support. These efforts are yielding results and adding vitality to domestic demand.

The consumer goods trade-in program has spurred sales of a wide range of commodities, including telecommunication products and household appliances, with retail revenues from the two categories rising 20.3 percent and 26.5 percent, respectively, year-on-year in the first 11 month.

Over the same period, the amount of export tax rebates handled by tax authorities nationwide increased 6.8 percent year-on-year, underscoring the strong resilience of exports among Chinese enterprises.

Supporting sci-tech innovation has long been a priority in China's preferential tax and fee policies. In the first 10 months, major existing policies to support sci-tech innovation and manufacturing delivered a total of 2.37 trillion yuan in tax-and-fee reductions and rebates, Cai said.

Tax invoice data show that in the first 11 months, sales revenues in high-tech industries nationwide increased 14.7 percent year-on-year, and corporate purchases of digital technologies grew 10.2 percent. Traditional industries accelerated their digital upgrades, with spending on digital and automation equipment rising 7.6 percent and 9.3 percent year-on-year.

Over the same period, sales revenue from wind and solar power generation rose 16.8 percent and 35.7 percent year-on-year, while revenue from thermal power generation fell 7.2 percent and its share of overall power industry sales dropped 4.7 percentage points — a pattern that points to the accelerating green transformation of China's energy structure.

Xinhua - China Daily