China's VAT data shows accelerated development of new quality productive forces

China's State Taxation Administration on Thursday released value-added tax (VAT) invoice data, which shows the accelerated development of new quality productive forces in the first three quarters of this year.

China's structural tax and fee reduction policies have underpinned the expansion of corporate innovation this year. From January to August, tax and fee reductions and refunds delivered under key sci-tech innovation support measures totaled 1.3336 trillion yuan (about 187.3 billion U.S. dollars), helping to ease corporate burdens. The VAT invoice data also indicated that companies' procurement of technical services for research and development rose 6.1 percent year on year in the first three quarters.

Meanwhile, sci-tech resources have circulated more actively. From January to September, sales revenue in the research and technical services sector, a key hub for integrating and commercializing sci-tech resources, climbed 22.3 percent year on year, while revenue in intellectual property–intensive industries, which embrace high sci-tech resources, increased 11.5 percent compared with last year.

Strategic emerging industries continued to expand. In the first three quarters, sales revenue in high-tech industries grew 15.2 percent year on year across the country, with equipment manufacturing sales up a year-on-year increase of 9.0 percent.

As China accelerates its "AI+" campaign, integrated circuit manufacturing posted a 17-percent increase in revenue, robot manufacturing rose 21.7 percent, and unmanned aerial vehicle manufacturing surged 69.8 percent, all compared with last year's data.

The integration of the digital and real economies also deepened in the first nine months. Revenue in core industries of the digital economy grew 10.6 percent year on year. Digital product manufacturing and the application of digital technologies increased by 11 percent and 14.5 percent, respectively, indicating rapid digital industrialization.

At the same time, enterprises' digital technology procurement increased by 10.6 percent compared to last year, marking an upgrade in industrial digitalization.

From January to September, "little giant" small and medium-sized enterprises that apply special, sophisticated techniques to produce unique and novel products have experienced significant development. Their sales revenue rose 8.2 percent year on year, with the growth rate accelerating by 4.1 percentage points compared with 2024. Among them, high-tech manufacturing enterprises recorded an 11.8-percent increase year on year.

China's VAT data shows accelerated development of new quality productive forces

Russian President Vladimir Putin said on Wednesday that Russia holds the strategic initiative along the entire front lines and the goals of the country's special military operation in Ukraine will be achieved.

"The past year has been an important milestone in fulfilling the tasks of the special military operation," Putin said while addressing an expanded meeting of the Russian Defense Ministry.

Putin underscored that Russia has the capability to accelerate its offensive pace, adding that Russia's task of expanding the security buffer zone will be fulfilled, and the core goals of the operation will be realized.

"This year alone, more than 300 settlements have been liberated, including major cities that the enemy had turned into fortified strongholds equipped with long-term defensive structures," the Russian leader said.

He said that the Russian military currently holds the strategic initiative along the entire Russia-Ukraine conflict front and is defeating Ukrainian forces, including elite Ukrainian units trained in the West.

Russia is currently seeking mutually beneficial and fair cooperation with the United States and European countries, Putin said.

Putin rejected claims portraying Russia as a threat to European nations, saying that such narratives are unfounded and fabricated.

Putin also announced that several submarines and surface ships have been commissioned into the Russian Navy this year, while the "Oreshnik" missile complex will enter combat duty by the end of 2025.

Russian military holds strategic initiative along entire Russia-Ukraine conflict front: Putin