Creating "ballast" and "core" momentum to support a stable start to the economy with excellent quality and high standards this year

Securities Times reporter Guo Boxiao

Tax revenue data released by the State Taxation Administration on April 1 shows that since the beginning of this year, China’s economy has demonstrated a strong start, solid foundations, and improved quality. The manufacturing sector has seen steady volume and quality upgrades; growth in key areas such as high-tech industries and integrated circuits has been especially impressive. Consumption and investment have stepped up efforts across multiple sectors, and the economy’s “new” development momentum is strong.

As an important player in the real economy, manufacturing development has shown a trend of steady volume and quality improvement, further highlighting the role of the “backbone”. Invoice data shows that as of March 25, since the beginning of this year, manufacturing sales revenue increased by 5.4% year over year, and its share of total corporate sales revenue nationwide reached 29.2%. Sales revenue in the equipment manufacturing sector grew by 6.3% year over year, accounting for 46.5% of manufacturing sales revenue; among them, sales revenue of advanced manufacturing sectors such as electrical machinery and equipment manufacturing, and computer communication equipment manufacturing, increased year over year by 11.4% and 11.6%, respectively.

Emerging industries are developing steadily, with continuous strengthening of technological innovation momentum. As of March 25, sales revenue in high-tech industries increased 14.6% year over year; among them, sales revenue of high-tech manufacturing and high-tech services grew by 12.7% and 15.8%, respectively, achieving a dual-wheel drive of both manufacturing and services.

Worth noting is that driven by demand such as artificial intelligence and data center capacity, China’s integrated circuit industry chain has achieved explosive growth in its core links. Integrated circuit design and integrated circuit manufacturing sales revenue increased by 48.9% and 40.7% year over year, respectively, and development momentum in key core technology areas continues to be released.

With growth-stabilizing and transformation-promoting policies taking effect, corporate investment vitality and the pace of green transformation are accelerating in tandem. As an important lever for stabilizing investment and promoting industrial upgrading, large-scale equipment upgrades have enhanced corporate equipment investment vitality. As of March 25, the amount of corporate procurement of machinery and equipment—reflecting enterprise equipment upgrades—grew by 8.4% year over year, maintaining a relatively fast growth trend. Among them, the amounts of machinery and equipment procured by the information technology services industry and the scientific research and technical services industry grew by 15.8% and 27.2%, respectively, showing strong momentum for equipment upgrades.

At the same time, China’s energy mix and industrial green transformation continue to deepen. Sales revenue from clean energy power generation has been growing relatively quickly; its share of total power generation and sales revenue has reached 36.3%, up by 4.5 percentage points from the same period last year. Sales revenue in the ecological conservation and environmental governance sector grew 9.6% year over year; the green economy is becoming an important growth point for China’s high-quality economic development.

Domestic demand market vitality continues to be released, and the level of smoothness in the domestic circulation continues to improve steadily. On the consumption side, supported by holiday-economy drivers such as the Spring Festival, services consumption maintained relatively fast growth. Sales revenue of homestay services, travel agencies and related services, as well as culture, sports, and entertainment industries all recorded double-digit year-over-year growth—15.3%, 14.3%, and 14.1%, respectively—while the role of consumption in driving economic growth continues to be unleashed. On the circulation side, the construction of a national unified large market is being steadily advanced, and interprovincial trade is growing steadily. As of March 25, nationwide interprovincial trade sales increased by 4.3% year over year, accounting for 41% of total national sales; interprovincial sales in the transportation and logistics industry grew 6% year over year, effectively supporting the deep advancement of the construction of a national unified large market.

(Editor: Liu Chang)

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