Since the end of September, China has vigorously launched a package of incremental policies, combined with effective stock policies, promoting sustained economic recovery and improvement, effectively boosting market confidence, and enhancing development momentum. On November 7th, the latest value-added tax invoice data released by the State Administration of Taxation showed that in October, while the sales revenue of enterprises nationwide increased year-on-year, the environmental comparison increased by 3 and 1.3 percentage points respectively compared to August and September. The stable growth of sales revenue of enterprises across the country indicates that the package of incremental measures launched by the Party Central Committee and the State Council is becoming effective, further demonstrating the strong resilience and great potential of China's economy Huang Lixin, Director of the Tax Science Research Institute of the State Administration of Taxation, stated that in the next step, with the continuous release of the effects of stock and incremental policies, the positive trend of economic recovery will be further stabilized. Specifically, firstly, the central and western regions have grown rapidly, with significant support from some key provinces. In October, sales revenue in the central and western regions increased by 1.4% and 1.7% year-on-year, respectively, with growth rates 3.2 and 1.1 percentage points higher than in September. Looking at each province, major economic provinces such as Zhejiang, Guangdong, Sichuan, and Henan have relatively fast growth rates, with sales revenue increasing by 4.3%, 2.8%, 2.9%, and 2.5% year-on-year, respectively. Secondly, the production and sales of the manufacturing industry have accelerated, and high-tech and equipment manufacturing continue to improve. In October, the sales revenue of the manufacturing industry increased by 1.3% year-on-year, an increase of 2.2 percentage points compared to September. Among them, the sales revenue of high-tech manufacturing industry and equipment manufacturing industry increased by 8.9% and 5.1% respectively year-on-year, which were 7.6 and 3.8 percentage points higher than the overall sales growth rate of manufacturing industry, respectively, and had a significant driving effect. Thirdly, the modern service industry continues to grow rapidly, and high-tech services are accelerating their growth. In October, the sales revenue of modern service industries such as scientific research and technology services, information technology services, and transportation and logistics increased by 14.5%, 9.2%, and 7.3% year-on-year, respectively, all significantly higher than the overall sales growth rate of enterprises nationwide. In particular, the sales revenue of high-tech service industry, which gathers innovative and new driving factors, increased by 10.9% year-on-year, maintaining a double-digit growth rate under a high base. Fourthly, the second-hand housing transactions in some first tier cities have rebounded, boosting confidence in the capital market. Since the end of September, the government has successively introduced a series of incremental policies to promote the development of the real estate market, and the real estate market in many places has shown signs of recovery. In October, the second-hand housing market in first tier cities such as Beijing and Shanghai was active, with second-hand housing sales revenue increasing by 11% and 12.8% year-on-year, respectively. In addition, the increase in trading volume in the stock market has driven a year-on-year growth of 11.1% in capital market service sales revenue, an increase of 14.4 percentage points from the growth rate in September, reflecting the gradual recovery of investor confidence. Fifth, equipment investment continues to rebound, and consumer goods trade in continues to strengthen. In October, large-scale equipment updates continued to advance, and the amount of machinery and equipment purchased by enterprises nationwide increased by 5.2% year-on-year, an increase of 0.2 percentage points from the growth rate in September. In October, retail sales revenue increased by 8% year-on-year, an increase of 5.4 percentage points from the growth rate in September. Among them, the retail sales of household audiovisual equipment such as televisions and daily household appliances such as refrigerators increased by 43.2% and 63.5% respectively year-on-year; Furniture retail and sanitary ware retail related to home decoration increased by 16.9% and 23% respectively year-on-year, both significantly faster than the growth rate in September. (New Society)