China offers 424 bln yuan in tax, fee relief in Q1 for innovation, manufacturing

BEIJING, May 19 (Xinhua) -- China's tax and fee cuts, as well as tax refunds supporting sci-tech innovation and manufacturing totaled 424.1 billion yuan (58.97 billion U.S. dollars) in the first quarter of 2025, the State Taxation Administration said Monday.

Value-added tax (VAT) invoice data also indicated that structural tax and fee relief measures are accelerating the country's innovation momentum and high-quality manufacturing development, said the administration.

In the first four months of this year, the VAT data showed that the sales revenue of China's high-tech industries grew by 13.9 percent year on year, while services facilitating the commercialization of scientific and technological achievements jumped 33.6 percent. The core industries of the digital economy also maintained steady growth of 9.7 percent.

The manufacturing sector also performed strongly, with the digital product manufacturing and high-tech manufacturing both reporting double-digit revenue growth from January to April.

The administration said tax authorities will continue to ensure the swift and targeted delivery of policy benefits through data-driven services, supporting the cultivation of new quality productive forces and the high-quality development of the manufacturing sector.