According to the latest value-added tax invoice data from the State Administration of Taxation, in April, the growth rate of national enterprise sales revenue accelerated, with a year-on-year increase of 4.3%, continuing the steady growth trend since the fourth quarter of last year.
The State Taxation Administration utilizes value-added tax invoice data calculated at current prices to monitor national enterprise sales revenue on a daily basis, reflecting the macroeconomic operating situation. The latest data shows that in April, the national enterprise sales revenue growth accelerated to 4.3% year-on-year, continuing the steady growth trend since the fourth quarter of last year, reflecting the continuous release of the bundled stock and incremental policy effects since the end of September last year, promoting economic recovery and improvement.
Industry continues to play a fundamental role, with new production forces developing rapidly. In April, the sales revenue of industrial enterprises increased by 3.7% year-on-year, with manufacturing sales revenue rising by 4.4% year-on-year, mainly driven by policies such as 'two new' initiatives. The sales revenue in sectors like electrical machinery, Computer manufacturing, and instruments and meters grew by 12.8%, 15.7%, and 15.9% year-on-year respectively. New production forces are accelerating, with high-tech industries and core industries of the digital economy growing by 15.3% and 13.4% year-on-year respectively. Driven by factors such as warming climate and project funding being put in place, project construction across various regions is advancing rapidly, with construction industry sales revenue growing by 6.5% year-on-year, particularly reflected by the civil engineering construction industry's sales revenue increasing by 11.6% year-on-year.
The eastern region, especially economic powerhouses, shows good growth trends. In April, the eastern region saw a rapid growth, with sales revenue increasing by 4.8% year-on-year. Some major economic provinces, including Zhejiang, Guangdong, and Peking, reported year-on-year sales revenue growth of 7.3%, 6.6%, and 5.4% respectively, with growth rates significantly faster than the national average. This is particularly driven by innovative industries such as AI, leading to accelerated development in equipment manufacturing and high-tech industries.
Exporting enterprises to the U.S. are increasing efforts to 'shift to domestic sales,' countering foreign trade risks by promoting the integration of domestic and foreign trade. The government work report proposes supporting the development of integrated domestic and foreign trade. Value-added tax invoice data shows that in April, enterprises engaged in exports to the U.S. are actively expanding the domestic market, with domestic sales increasing by 4.7% year-on-year, raising the proportion of total sales by 2 percentage points compared to the first quarter. Among the 31 major manufacturing categories, 21 categories saw an increase in the proportion of domestic sales for U.S. exporting enterprises compared to the same period last year, with domestic sales in the fur and footwear industries increasing by 10 percentage points, and sales in Computer communications equipment, ferrous metal, Furniture, and food industries increasing by more than 5 percentage points compared to last year.
