According to the State Administration of Taxation, since the deployment and implementation of a package of incremental policies at the Central Political Bureau meeting on September 26 last year, coupled with the effective implementation of existing policies, the growth rates of invoice sales and tax revenue have steadily rebounded, especially in major industries and tax categories, reflecting the continuous stabilization of China's economic trend. Xu Sheng, a member of the Academic Committee and researcher at the Economic Research Institute of the National Development and Reform Commission, stated that the package of incremental policies deployed and implemented at the Central Political Bureau meeting on September 26 last year was a counter cyclical combination of precise adjustments to address China's phased economic challenges. The focus was on promoting consumption and benefiting people's livelihoods, stabilizing the real estate market, and activating the capital market. The policy effectiveness has been intuitively demonstrated in the sales data of value-added tax invoices and tax revenue data. From the perspective of invoice sales revenue, from the third quarter of last year to the third quarter of this year, the quarterly sales revenue growth rates of enterprises nationwide were 0.4%, 2.6%, 2.1%, 3.1%, and 4.4%, respectively, and the overall growth rate steadily rebounded. From the perspective of tax revenue, in October last year, the tax department organized tax revenue (excluding export tax refunds) to turn from negative to positive after 7 consecutive months of negative growth. Since February this year, it has been continuously increasing for 8 months and the cumulative growth rate has been increasing month by month. The high growth rate of capital market related taxes reflects active stock market trading. Over the past year, the tax revenue of the capital market service industry has increased by 56.8% year-on-year, of which the stamp duty on securities trading has increased by 110.5% year-on-year; Industries and tax revenues related to the capital market have grown rapidly, such as the insurance industry, where tax revenue increased by 13.3% year-on-year; At the same time, there has been an increase in equity transfer and dividends from listed companies. The stable growth of income from major industries and tax categories reflects the continuous improvement of enterprise operation and profit situation. From the perspective of major industries, the tax revenue of the manufacturing industry increased by 5.4% year-on-year, accounting for 31% of the total tax revenue, and the increase in revenue accounted for 48% of the total increase in revenue. The "ballast stone" effect is obvious. Among them, the tax revenue of some high-end manufacturing industries has grown rapidly, such as the railway, shipbuilding, aerospace, and other transportation equipment manufacturing industries, which saw a year-on-year increase of 31.5% in tax revenue; The tax revenue of information transmission, software and information technology services, scientific research and technology services increased by 15.3% and 13.2% respectively year-on-year, reflecting the positive development of emerging industries; The tax revenue of the steel and non-ferrous metal industries increased by 7.5% and 24.2% respectively year-on-year, and the prices of bulk commodities also showed a trend of stabilization and recovery. From the perspective of major tax categories, the domestic value-added tax increased by 3.2% year-on-year, reflecting the improvement of enterprise operations; Corporate income tax increased by 4.1% year-on-year, reflecting the continuous improvement of profitability in some industries. The reduction in tax revenue related to the real estate industry has narrowed, reflecting the significant effectiveness of a series of policies in the real estate market. Over the past year, the Central Committee of the Communist Party of China and the State Council have deployed a series of policies to stabilize the real estate market. The tax department has conscientiously implemented the relevant tax preferential policies for stabilizing the real estate market that were introduced at the end of last year. Since the beginning of this year, a total of nearly 80 billion yuan in tax reductions have been added, and the transaction costs of residential housing have significantly decreased, helping to stabilize the real estate market. In the past year, the tax revenue related to the real estate industry (including second-hand houses) has decreased by 9.8% year-on-year, and after excluding the tax reduction factors of real estate tax preferential policies, it has decreased by about 5%. The decline rate has narrowed by more than 10 percentage points compared to the first three quarters of 2024. The national enterprise equipment update is accelerating, and the policy of exchanging old for new consumer goods continues to release consumer vitality. According to value-added tax invoice data, in the past year, the amount of machinery and equipment purchased by enterprises nationwide has increased by 9.7% year-on-year, with high-tech manufacturing industry purchasing machinery and equipment increasing by 11.8% year-on-year, maintaining a good growth momentum; The sales revenue of daily household appliances retail such as refrigerators and household audio-visual equipment retail such as televisions increased by 55.4% and 35.3% respectively year-on-year. Chen Binkai, Vice President of Central University of Finance and Economics, believes that the steady recovery of invoice data growth reflects the stable and positive economic operation, gradual improvement of corporate profits, sustained release of consumer vitality, and factors such as active capital market transactions this year, which effectively drive the steady and upward trend of tax revenue. (New Society)