Guangzhou (JLC), October 14, 2025--China's tax revenue and invoiced sales both demonstrated expansion in recent months, with major industries and tax categories maintaining stable growth, according to data released by the State Taxation Administration (STA) on Tuesday.
The growth has been driven by a package of incremental policies that have taken effect since late September 2024, coupled with the continued effectiveness of existing policies, and this has significantly invigorated market confidence.
Judging from corporate invoiced sales data, the national corporate quarterly sales revenue recorded year-on-year growth rates of 0.4%, 2.6%, 2.1%, 3.1%, and 4.4% respectively from the third quarter of last year to the third quarter of this year, demonstrating overall steady recovery.
In terms of tax revenue, after seven consecutive months of drops, tax revenue collected by tax authorities (before deducting export rebates) returned to growth in October 2024, and has maintained positive growth for eight consecutive months since February this year, with cumulative increases rising monthly.
The relatively high growth in the third quarter, particularly in September, was driven not only by the improving economy but also by the narrowing decline in the PPI and the lower tax revenue base in the same period last year.
By major industries, the manufacturing sector saw tax revenue increase by 5.4% year-on-year, accounting for 31.0% of total tax revenue and 48.0% of the total revenue increase, demonstrating its "ballast" role in the economy. Some high-tech manufacturing sectors showed particularly rapid tax growth.
Revenue from value-added tax, a key gauge of corporate operations, climbed 3.2%, while corporate income tax rose 4.1%, signaling a recovery in profitability for some industries.
Meanwhile, taxes related to the capital market also registered rapid growth, with the sector's service industry tax revenue jumping 56.8% year-on-year amid active stock market trading.
The decline in property-related taxes has narrowed. This category, which includes taxes on second-hand homes, fell 9.8% year-on-year.
"The tax data confirms that the policy package is gaining traction," said Chen Binkai, vice president of the Central University of Finance and Economics. "The recovery in invoiced sales reflects steady economic improvement, recovering corporate profits, and strengthening consumer activity."
"We will continue to leverage big tax data to deliver more targeted policies, ensuring policy benefits reach market entities precisely and swiftly," a relevant official from the STA stated.
