How effective has the package of incremental policies been in implementation? Tax data reveals an improving economic trend

According to the State Taxation Administration, since the Central Political Bureau meeting on September 26 last year outlined a comprehensive package of incremental policies, the combined effects of both new and existing policies have led to steady recovery in both invoice sales and tax revenue growth. Notably, major industries and tax categories have all achieved stable growth, reflecting the continuous strengthening of China's positive economic trend.The growth rate of value-added tax invoice sales and tax revenue has steadily reboundedOver the past year, as policies continued to take effect, market confidence has significantly strengthened, leading to steady recovery in both the sales of VAT invoices and tax revenue. In terms of invoice sales revenue, from the third quarter of last year to the third quarter of this year, the quarterly sales revenue growth rates for enterprises nationwide were 0.4%, 2.6%, 2.1%, 3.1%, and 4.4%, respectively, showing a steady overall recovery in growth rates.Huang Lixin, Director of the Taxation Science Research Institute under the State Taxation Administration: From the perspective of tax revenue, in October last year, the tax authorities achieved a shift from negative to positive growth after seven consecutive months of decline. Since February this year, tax revenue has grown for eight consecutive months, with cumulative increases rising month by month. In the second and third quarters, year-on-year growth rates reached 2.6% and 6.9% respectively, effectively fulfilling the role of raising fiscal revenue.Experts noted that tax revenue growth was particularly strong in the third quarter of this year, especially in September. In addition to the positive economic factors, the narrowing decline in the Producer Price Index (PPI) and the relatively low tax revenue base in the same period last year also contributed to the increase.Taxation related to the capital market continues to maintain a high growth rateData released by the State Taxation Administration shows that over the past year since the implementation of a comprehensive package of incremental policies, with the rollout of various measures, capital market transactions have been active, and tax revenues related to the capital market have maintained high growth rates.In August this year, the total market capitalization of A-share companies surpassed 100 trillion yuan for the first time. In September, the Shanghai Composite Index reached a decade-high, with daily average stock trading volumes in August and September reaching 2.3 trillion yuan and 2.4 trillion yuan, respectively. Over the past year, tax revenue from capital market service industries increased by 56.8%, including a 110.5% year-on-year rise in securities transaction stamp duty.Huang Lixin: Tax revenues from industries related to the capital market grew rapidly, such as the insurance industry, where tax revenue increased by 13.3% year-on-year. Meanwhile, the rise in equity transfers and dividend payouts from listed companies led to growth in personal income tax from equity transfers, restricted share transfers, and interest, dividends, and bonuses by 12.4%, 77.7%, and 11.3% respectively, driving an overall 9.3% year-on-year increase in personal income tax.The business performance of enterprises continues to improve, with stable growth in major tax categories