China's tax cuts boost high-tech, manufacturing growth in 2024

BEIJING - China's main policies supporting sci-tech innovation and the development of the manufacturing industry saw tax cuts, fee reductions and tax refunds totaling 2.63 trillion yuan ($366.75 billion) in 2024, official data showed on Wednesday.

These policies accelerated the cultivation of new quality productive forces and promoted the high-quality development of the manufacturing industry, according to the State Taxation Administration.

In 2024, the sales revenues of China's high-tech sectors grew 9.6 percentage points faster than the overall national growth rate, reflecting the rapid development of innovative industries.

The sales revenues of manufacturing enterprises in China grew 2.2 percentage points faster than the overall national growth rate.

Specifically, the sales revenues of the equipment manufacturing, digital product manufacturing and high-tech manufacturing sectors rose 6.2 percent, 8.3 percent and 9 percent respectively, indicating the national manufacturing industry is advancing steadily toward high-end and intelligent development.