BEIJING, July 4 -- China's structural tax and fee reduction policies have injected fresh momentum into the high-quality development of firms engaged in technological innovation and advanced manufacturing, the latest data has shown.

In the first five months of 2025, the total value of tax and fee reductions and tax refunds, which were geared toward supporting technological innovation and the development of advanced manufacturing, reached 636.1 billion yuan (about 88.9 billion U.S. dollars), data from the State Taxation Administration revealed on Friday.

Of these, corporate income tax reductions for high-tech firms and emerging industries accounted for 140.7 billion yuan, while VAT deductions and tax refunds for advanced manufacturing enterprises amounted to 415.8 billion yuan, according to this data.

High-tech firms and those engaged in advanced manufacturing have benefited from such supportive policies,?demonstrating robust growth. Notably, in the first five months of this year, sales revenue of high-tech industries increased by 14.2 percent year on year.

During the same period, sales revenue of equipment manufacturing and digital product manufacturing companies rose by 9 percent and 12.1 percent year on year, respectively, official data confirmed.

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