On December 10th, the reporter learned from the State Administration of Taxation that the latest value-added tax invoice data shows that, driven by a series of effective stock and incremental policies implemented by the country, China's economy continues to show a trend of recovery and improvement. The economic performance in November showed four highlights: firstly, the manufacturing industry steadily accelerated production, with significant support from high-end manufacturing; Secondly, the modern service industry is accelerating its development, and the high-tech service industry is growing rapidly; Thirdly, driven by the "two new" policies (large-scale equipment updates and trade in of consumer goods), equipment investment and trade in of consumer goods continue to increase; Fourthly, inter provincial trade remains smooth, and transportation and logistics are accelerating their development. The State Administration of Taxation continues to use value-added tax invoice data to track and monitor the sales revenue of enterprises nationwide, which can objectively reflect the macroeconomic situation Li Ping, Deputy Director of the Tax Science Research Institute of the State Administration of Taxation, stated that the above-mentioned economic highlights reflect from different aspects the continuous strengthening of China's economic stabilization and recovery momentum, the accumulation of positive factors, and the increasing effectiveness of a series of combination policies implemented in China, effectively stimulating market vitality and promoting economic recovery. Looking at the data specifically, there is a steady increase in manufacturing production and significant support from high-end manufacturing. In November, the growth rate of manufacturing sales revenue increased by 0.3 percentage points compared to October, which is basically consistent with the trend of the November PMI (Purchasing Managers' Index) released by the National Bureau of Statistics (up 0.2 percentage points from October). Among them, the sales revenue of equipment manufacturing industries such as automobiles and electrical machinery, high-tech manufacturing industries such as electronic communication equipment and aerospace equipment, and digital product manufacturing industries such as digital media equipment and intelligent equipment increased by 5.3%, 5.1%, and 3.8% year-on-year, respectively. In particular, the sales revenue of high-end manufacturing industries such as automobile manufacturing, computer communication equipment manufacturing, and railway, ship, and aviation equipment manufacturing increased by 9.3%, 7.4%, and 5.6% year-on-year, respectively. In terms of accelerating the development of modern service industry and the rapid growth of high-tech service industry, in November, the sales revenue of leasing and business services, information transmission, software and information technology services, scientific research and technology promotion and application, and other scientific research and technology services increased by 3.3%, 6.7%, and 11.3% year-on-year, respectively, all significantly higher than the overall level of enterprises in the country. Especially in the high-tech service industry, sales revenue increased by 8.4% year-on-year, with e-commerce services, technology transfer services, digital content and related services sales revenue increasing by 27.4%, 22.9% and 7.2% respectively. Under the joint promotion of the policy "combination punch", the update of enterprise equipment is steadily advancing. According to value-added tax invoice data, in November, the amount of machinery and equipment purchased by enterprises nationwide increased by 4.5% year-on-year. Accumulated, the year-on-year growth rate from January to November was 6.1%, which was 4.2 percentage points faster than the overall procurement amount growth rate of enterprises nationwide. Especially in key areas, the effect is significant, such as the steady growth of equipment procurement in industrial enterprises. From January to November, the amount of machinery and equipment purchased by industrial enterprises increased by 5.1% year-on-year. Among them, the procurement of machinery and equipment in the manufacturing, electric heating, and water production and supply industries increased by 5.2% and 5.5% respectively year-on-year, higher than the overall growth rate of industrial equipment procurement. Driven by multiple factors such as national encouragement, local support, and corporate concessions, the effect of the trade in policy for consumer goods has become apparent, especially in the gradual release of consumer demand for household appliances and home products. On the one hand, sales of household appliances have maintained rapid growth. According to the value-added tax invoice data, from January to November, the sales revenue of household audiovisual equipment retail such as televisions and daily household appliances retail such as refrigerators increased by 15.9% and 18.7% year-on-year, respectively, which was 11.4 and 14.2 percentage points higher than the overall growth rate of the retail industry. Especially driven by the "Double 11" promotion, the sales revenue in November increased by 28.8% and 74.4% year-on-year, respectively. On the other hand, overall sales of furniture products are improving. According to the value-added tax invoice data, from January to November, the sales revenue of furniture retail and sanitary ware retail increased by 16.8% and 12.5% year-on-year, respectively, which were 12.3 and 8 percentage points higher than the overall growth rate of the retail industry. In November, they showed a rapid growth trend, with year-on-year growth of 36% and 18.8%, respectively. (New Society)