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

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.

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

Chinese President Xi Jinping awarded Serbian President Aleksandar Vucic the Friendship Medal of the People's Republic of China in Beijing on Monday.

As solemn music played and the golden doors slowly opened, Xi and Vucic entered the hall together, followed by Xi's wife Peng Liyuan and Vucic's wife Tamara Vucic.

Applauding guests rose to their feet, and paid respect to the two heads of state.

A Guard of Honor escorted the Friendship Medal into the hall, and amid solemn music, Xi formally presented the medal to Vucic.

Xi highlighted Vucic's long-standing commitment to advancing China-Serbia friendship and underscored the significance of the honor.

"President Vucic has long stayed committed to China-Serbia friendship, and he has always given China the firmest and clearest support on issues concerning China's core interests and major concerns. He gains the respect from the Chinese people. This medal is not only a high recognition of President Vucic's contributions to bilateral friendship, but also carries the earnest expectations of both peoples for building a China-Serbia community with a shared future in the new era," Xi said.

The Friendship Medal is China's highest state honor for foreigners, reserved for those who have made outstanding contributions to China's modernization drive, promoting exchange and cooperation between China and the world, and safeguarding world peace.

At the invitation of Xi, Vucic is on a state visit to China from Sunday to Thursday, with this marking his first state visit to China and his ninth trip to the country overall.

Xi awards Serbian President Aleksandar Vucic China's friendship medal