China's economy has shown sustained improvement, with invoice sales and tax revenues posting steady growth over the past year since the adoption of a package of incremental policies by central authorities, according to the latest official data released by the State Taxation Administration (STA). China's central authorities rolled out a series of incremental measures in late September last year to bolster the economy, which focused on enhancing macroeconomic counter-cyclical adjustments, expanding effective domestic demand, increasing support for enterprises, stabilizing the real estate market, and boosting the capital market. Driven by policy support, the value-added tax (VAT) invoice sales and tax revenue have steadily rebounded since. The year-on-year growth of quarterly corporate sales revenue had reached 0.4 percent, 2.6 percent, 2.1 percent, 3.1 percent and 4.4 percent respectively, from the third quarter of 2024 through the third quarter of 2025, marking a consistent recovery in business performance nationwide. Capital market activity has surged with policies and measures taking effect over the past year. China's A-share market surged to a fresh milestone in August, with total market capitalization exceeding 100 trillion yuan (14 trillion U.S. dollars). The Shanghai Composite Index hit a decade-high in September, with the daily trading volume averaging 2.3 trillion yuan (322.96 billion U.S. dollars) in August and 2.4 trillion yuan (337 billion U.S. dollars) in September. Over the year, tax revenue from capital market services jumped 56.8 percent, with revenue from stock trading stamp taxes surging 110.5 percent. Business conditions have markedly strengthened amid the economic upturn. Tax revenue from the manufacturing sector rose 5.4 percent, accounting for 31 percent of total tax revenue. In particular, high-end manufacturing grew at a faster pace, signaling progress in industrial upgrading. Among major tax categories, domestic value-added tax revenue rose 3.2 percent year on year, while corporate income tax revenue increased by 4.1 percent, suggesting improved business performances and rising profit in some industries. Boosted by the equipment-renewal and consumer goods trade-in programs backed by the government, over the past year, the value of enterprises' purchases of machinery equipment increased by 9.7 percent year on year. In particular, machinery equipment purchases in the high-tech manufacturing sector grew 11.8 percent year on year. During the same period, the retail sales revenue for home appliances such as refrigerators grew 55.4 percent year on year, while retail sales for audio-visual gadgets saw a 35.3 percent growth. Shotlist: Beijing, China - Recent: FILE: China - Date Unknown 1. Aerial shots of cityscape, traffic; 2. Various of taxation officers serving taxpayers, service hall; Beijing, China - Recent 3. SOUNDBITE (Chinese) Huang Lixin, director, Tax Science and Research Institute, State Taxation Administration (partially overlaid with shot 4): "Tax revenues turned positive in October last year after seven consecutive months of decline. Since February this year, tax revenues have sustained positive growth for eight straight months, with the cumulative growth rate increasing month by month. Year-on-year growth in the second and third quarters reached 2.6 percent and 6.9 percent, respectively, effectively contributing to fiscal revenue."; FILE: China - Date Unknown [SHOT OVERLAYING SOUNDBITE] 4. Various of taxation officers serving taxpayers, sign; [SHOT OVERLAYING SOUNDBITE] 5. Various of reception desk of Beijing Stock Exchange, sign for reception room; 6. Sign for Shanghai Stock Exchange; 7. Various of trader working, screens showing stock market information'; 8. Various of production line, car assembly line; 9. Various of customers selecting home appliances; Beijing, China - Recent 10. SOUNDBITE (Chinese) Huang Lixin, director, Tax Science and Research Institute, State Taxation Administration (ending with shot 11): "Tax revenue serves as a barometer of the economy. The implementation of a package of incremental policies alongside existing measures has driven a steady rebound in invoice data growth. This reflects a stable and improving economic performance, a gradual recovery in corporate profitability, and sustained release of consumer vitality, all of which have effectively propelled steady growth of tax revenue."; FILE: China - Date Unknown 11. Aerial shots of cityscape. [Restriction - No access Chinese mainland]