China’s tax cuts boost high-tech, manufacturing growth in 2024
Wire desk byline Sourced from Xinhua, Dawn, Arab News, Anadolu and Minute Mirror. Translated and abridged by the GSRRA Desk.
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 (about 366.75 billion U.S. dollars) 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.
Reference Link:- https://english.news.cn/20250212/ab2cad1bb5674bf2bb484182bf78d11e/c.html
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
