Since the fourth quarter of last year, a package of incremental policies has continued to be implemented, combined with the effective implementation of existing policies, effectively boosting market confidence and enhancing economic development momentum. The value-added tax invoice data released by the State Administration of Taxation on March 11 shows that from October 2024 to February 2025, the sales revenue of enterprises nationwide increased by 1.1 percentage points compared to the third quarter of last year. The value-added tax invoice data reflects five highlights of economic operation: firstly, stable growth in the manufacturing industry, with strong support from equipment manufacturing. From October 2024 to February 2025, the sales revenue of the manufacturing industry increased by 3.6% year-on-year. Among them, the sales revenue of the equipment manufacturing industry increased by 8.7% year-on-year. Secondly, emerging industries are showing good growth momentum, and the development of new quality productivity is accelerating. From October 2024 to February 2025, the sales revenue of high-tech industries increased by 10.6% year-on-year. Among them, the sales revenue of high-tech service industry and high-tech manufacturing industry increased by 11.7% and 9% respectively year-on-year. Thirdly, equipment updates are steadily advancing, and consumer goods trade in continues to improve. From October 2024 to February 2025, driven by the policy of large-scale equipment updates, the amount of machinery and equipment purchased by enterprises nationwide increased by 7.1% year-on-year; Driven by factors such as national encouragement, local government support, and corporate concessions, retail sales of household audiovisual equipment such as televisions and daily household appliances such as refrigerators increased by 23.3% and 56.1% year-on-year, respectively. Retail sales of furniture and sanitary ware related to home decoration increased by 28.5% and 17.4% year-on-year, respectively. Fourthly, ecological and environmental protection services have grown rapidly, and the clean energy industry has developed rapidly. From October 2024 to February 2025, the sales revenue of green technology promotion services such as new energy, energy conservation, and environmental protection increased by 29.3%, 26.8%, and 12.1% year-on-year, respectively. The sales revenue of clean energy industries such as solar energy, biomass energy, and wind power increased by 26.7%, 10.9%, and 6.1% year-on-year, respectively. Fifth, inter provincial trade remains smooth, and the construction of a unified large market is progressing in an orderly manner. From October 2024 to February 2025, inter provincial sales accounted for nearly 40% of the national enterprise sales revenue, an increase of 0.4 percentage points compared to the same period; The sales revenue of the transportation and logistics industry increased by 8.3% year-on-year, among which the sales revenue of ocean freight transportation and freight transportation agency related to foreign trade increased by 25% and 27.6% respectively. The series of new trends and changes in China's economic operation in the past five months demonstrate the sustained positive trend of the country's economy Li Ping, Deputy Director of the Tax Science Research Institute of the State Administration of Taxation, stated that the tax department will continue to optimize tax and fee services, implement detailed structural tax reduction and fee reduction policies, further enhance the development momentum of enterprises, stimulate market vitality, help boost market confidence, and better serve high-quality economic development. (New Society)