Beijing, July 4, (Xinhua). China’s structural policies of tax and fee reduction have given a new boost to the development of high-quality firms involved in technological innovation and advanced manufacture. Latest data shows this. Data from the State Taxation Administration showed that in the first five months 2025, tax and fee reductions, and tax refunds aimed at supporting technological innovation and advanced manufacturing reached 636.1 billion Yuan (about 88.9 million U.S. Dollars). According to these data, corporate income tax deductions for high-tech companies and emerging industries accounted 140.7 billion yuan. VAT deductions and refunds for advanced manufacturing businesses amounted 415.8 trillion yuan.

High tech firms and those involved in advanced manufacturing have benefitted from such policies, demonstrating robust growth. In the first five months this year, high-tech sales revenue increased by 14.2 per cent compared to last year.

According to official data, during the same period sales revenue for companies that manufacture digital products and equipment rose by 9.1 percent and 12.1 percent respectively. #