Latest Tax Data Shows: Overall Steady Recovery in the Growth Rate of National Enterprise Quarterly Sales Revenue

　　On the 14th, reporters learned from the State Taxation Administration that according to the latest value-added tax invoice data, from the third quarter of last year to the third quarter of this year, the year-on-year growth rates of national enterprise quarterly sales revenue were 0.4%, 2.6%, 2.1%, 3.1%, and 4.4% respectively, indicating an overall steady recovery in growth.

　　The economic recovery and improvement, along with enhanced business operations, have also driven the growth of tax revenue. Since February this year, the tax revenue organized by tax authorities (excluding export tax rebates) has shown positive growth for eight consecutive months, with the cumulative increase rising month by month. Among them, the second and third quarters of this year saw year-on-year growth of 2.6% and 6.9%, respectively.

　　"The higher growth in tax revenue in the third quarter, especially in September, is partly due to the improving economy, as well as the narrowing decline in the Producer Price Index (PPI) and the lower revenue base from the same period last year, which correspondingly contributed to the tax revenue increase," said a relevant department head of the State Taxation Administration.

　　Xu Sheng, a researcher and member of the Academic Committee of the Institute of Economics at the National Development and Reform Commission, stated that the package of incremental policies deployed and implemented at the Politburo meeting in September last year represented a counter-cyclical, combined, and precise adjustment to address the阶段性 challenges in China's economy. The effectiveness of these policies is intuitively reflected in the value-added tax invoice data and tax revenue figures.

　　Looking at major industries, manufacturing tax revenue accounts for 31% of total tax revenue, and its increase constitutes 48% of the total revenue growth, playing a significant "ballast" role. Among these, some high-end manufacturing sectors experienced relatively fast tax growth. In terms of major tax categories, domestic value-added tax grew by 3.2% year-on-year, reflecting improved business operations, while corporate income tax increased by 4.1% year-on-year, indicating continuously improving profitability in some industries.

　　"Taxation is a 'barometer' of the economy; tax data can 'depict' the real effects of a series of policies from multiple angles," said Chen Binkai, Vice President of the Central University of Finance and Economics. He believes that the steady recovery in the growth rate of invoice data reflects the effective implementation of the package of incremental policies叠加 existing policies, which has promoted stable and improving economic performance, gradual enhancement of corporate profits, and sustained release of consumer vitality. This, in turn, has directly led to stable and rising tax revenue.