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China: China's VAT data shows continued development, expansion of new quality productive forces

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Storyline: China's State Taxation Administration on Monday released value-added tax (VAT) invoice data, which shows the continued development and expansion of new quality productive forces in October. Innovative industries have been developed rapidly, with sales revenue from high-tech sectors increasing by 13.6 percent year on year, maintaining fast growth momentum. Among them, sales revenue in both high-tech services and high-tech manufacturing has maintained double-digit growth year on year. Notably, with the accelerated implementation of the AI Plus initiative, sales revenue for integrated circuit manufacturing, industrial robot manufacturing, and unmanned aerial vehicle manufacturing increased by 32.5 percent, 41.7 percent, and 38.4 percent year on year, respectively. At the same time, high-end manufacturing continues to gain momentum. In October, sales revenue in the equipment manufacturing sector grew by 7.3 percent year on year, continuing to outperform the manufacturing industry's average this year, and accounting for nearly half of the overall sector. The computer and telecommunication equipment manufacturing, shipbuilding and related equipment manufacturing, and battery manufacturing recorded year-on-year sales revenue increases of 10.1 percent, 24.4 percent, and 27.2 percent, respectively, demonstrating robust growth. Furthermore, in October, sales revenue from core sectors of the digital economy rose by 8.5 percent year on year, while enterprises' procurement of digital technologies throughout the nation increased by 9.6 percent year on year, reflecting the ongoing advancement of both digital industrialization and the digital transformation of industries. Among them, the digital product service sector and digital technology application sector saw year-on-year sales revenue increases of 10.2 percent and 13.1 percent, respectively, with digital consumption playing a significant role in injecting new vitality into economic development. Shotlist: FILE: Beijing, China - Date Unknown: 1. State Taxation Administration sign on office building FILE: China - Exact Location and Date Unknown: 2. Aerial shots of cityscape 3. Various of industrial robots operating, production lines, workers Shenzhen City, Guangdong Province, south China - Oct 31, 2025: 4. Various of robots under test; workers assembling robots in workshop FILE: China - Exact Location and Date Unknown: 5. Aerial shot of factories 6. Various of technician operating industrial robot, industrial robots operating 7. Aerial shot of cityscape 8. Various of technicians at work 9. Various of industrial robots operating 10. Various of drones 11. Aerial shot of cityscape [Restrictions: No access Chinese mainland]

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