China's tax data shows stronger corporate revenue growth in Q1-3

BEIJING -- China's corporate sales revenue has maintained a steady upward trajectory this year, underscoring continued signs of resilience in the wider economy, according to the latest tax data.

The State Taxation Administration said on Tuesday that year-on-year growth of quarterly corporate sales revenue had reached 2.1 percent, 3.1 percent and 4.4 percent in the first, second and third quarters of 2025, respectively, marking a consistent recovery in business performance nationwide.

Economists believe these figures reflect the effectiveness of the government's counter-cyclical policy measures implemented since September last year.

"The data confirmed that corporate profitability gradually improved, consumer vitality continued to expand, and the overall economy moved on a stable and positive path," said Chen Binkai, vice-president of the Central University of Finance and Economics.

Tuesday's data also revealed that the country's tax revenue, before export rebate deductions, has posted positive growth for eight consecutive months since February, with cumulative gains steadily widening. In the second and third quarters, tax revenues rose 2.6 percent and 6.9 percent year-on-year, respectively.

The administration highlighted the strong tax collection achieved in the third quarter of 2025, particularly in September, and attributed this robust growth to improving economic conditions, a narrowing decline in producer prices, and a relatively low base in the same period last year.

The manufacturing sector continued to play a pivotal role, accounting for 31 percent of total tax revenue and contributing 48 percent of the overall increase. In particular, high-end manufacturing grew at a faster pace, signaling progress in industrial upgrading.

Among major tax categories, domestic value-added tax revenue rose 3.2 percent year-on-year, while corporate income tax revenue increased by 4.1 percent, suggesting improved business performances.