China’s scientific and technological innovation has been strengthened, with strong support for tax policies such as structural tax cuts and fee deductions.

According to VAT data, in 2024, sales revenue of high-tech sectors in China grew 9.6 percentage points, higher than that of the overall industry nationally, reflecting the rapid development of innovative industries.

Revenue from sales of services for sci-tech research-to-production transformation saw growth by 27.1 percent year-on-year, 14.3 percentage points higher than that of the high-tech service industry, indicating an accelerating transformation of tech innovation into productivity.

The core part of the digital economy grew by 7.1% year-on-year, and digital technology deals across China increased by 7.4% compared with the same period last year, referring to the advancement of the digital economy integrated with the real economy.