On March 11, China’s State Taxation Administration released value-added tax (VAT) invoice data showing that from October 2024 to February 2025, the sales revenue growth rate of Chinese enterprises increased by 1.1 percentage points compared to the third quarter of 2024. This data reflects the diverse drivers and robust momentum of China’s economy.

As a pillar of the economy, China’s manufacturing sector has maintained steady growth in recent years, supported by global supply chain optimization and technological innovation. Tax data indicates that from October 2024 to February 2025, manufacturing sales revenue rose 3.6% year-on-year, with equipment manufacturing notably surging by 8.7%. Sectors like railway, shipbuilding, aerospace equipment manufacturing, and computer communication device manufacturing stood out.

This growth is tied not only to global economic recovery and domestic demand but also to the sector’s transition toward high-end, intelligent, and green production.For instance, China’s delivery of Jakarta-Bandung high-speed rail trains to Indonesia in 2023 showcased its self-developed green technologies, advanced reliable bogies and monitoring systems, improved the local transportation infrastructure and strengthened international competitiveness of Chinese manufacturing.

Emerging industries are becoming key growth engines. The Chinese tax bureau show that from October 2024 to February 2025, the sales revenue of high-tech industries increased by 10.6% year-on-year, of which the sales revenue of high-tech services and high-tech manufacturing increased by 11.7% and 9% respectively. This growth is inseparable from the Chinese government's high attention and long-term support in policies.

Driven by a series of policies such as the "14th Five-Year Plan for Digital Economy Development" and "Made in China 2025", China's new quality productivity has entered a period of rapid development.

In 2024, China’s new energy vehicle production surpassed 10 million units annually, the launch of the first 400G cross provincial optical network under the East Data West Computing initiative, preliminary 6G testing platforms, and the 2025 debut of DeepSeek AI and the successful launch of the Long March 8 Y6 rocket with 18 satellites highlight China’s accelerating industrial upgrade and innovation-driven growth.

China's consumer market also shows strong vitality, especially in the upgrading of durable consumer goods. According to data from the Chinese Taxation Bureau, from October 2024 to February 2025, the retail sales of home audio-visual equipment such as televisions increased by 23.3% year-on-year, and the retail sales of daily household appliances such as refrigerators increased by 56.1% year-on-year. This growth trend is closely related to the consumption stimulus policies launched by the Chinese government in many fields, especially the subsidy policy for replacing old household appliances with new ones.

Chinese consumers' demand for energy-saving, environmentally friendly, and high-end smart home appliances has increased significantly, which has promoted product upgrades. Home appliance companies have further stimulated market purchasing power through promotions and profit sharing. Bloomberg, The Wall Street Journal and other media have also reported on this and highly praised it.

The Chinese government's consumer goods trade-in program continues to make efforts, which will promote more high-quality consumer goods to enter thousands of households, which will not only drive domestic production, but also play a positive role in the stable development of the global home appliance industry chain.

Overall, VAT data underscores the resilience and vitality of China’s economy. Steady manufacturing growth, booming emerging industries, and consumption upgrades are driving stable economic performance. With improving global conditions and ongoing policy support, China’s economy retains strong growth potential.

As World Bank President David Malpass noted, "China’s economic growth and policy support play a pivotal role in global recovery." Moving forward,we have reason to believe that with the continued industrial optimization, technological innovation, and consumer market evolution will further energize China’s economy, contributing robust momentum to worldwide development.