The latest value-added tax invoice data released by the State Taxation Administration reveals that in October 2025, China's new quality productive forces continued to expand, with high-end manufacturing, innovation-driven industries, and digital-real economy integration all demonstrating steady growth, injecting fresh vitality into economic development.
**High-End Manufacturing Gains Momentum** In October, the sales revenue of the equipment manufacturing sector grew by 7.3% year-on-year, consistently outperforming the broader manufacturing industry this year and now accounting for nearly half of the sector. Notably, the computer and communication equipment manufacturing, shipbuilding and related equipment manufacturing, and battery manufacturing industries saw sales revenue surge by 10.1%, 24.4%, and 27.2%, respectively, reflecting strong growth momentum.
**Innovation Industries Accelerate Development** High-tech industries posted a 13.6% year-on-year increase in sales revenue, maintaining double-digit growth. High-tech services led with a 16.1% rise, while high-tech manufacturing grew by 10.1%. The accelerated implementation of the "AI Plus" initiative drove particularly robust growth in integrated circuits, industrial robots, and drone manufacturing, with sales revenue up 32.5%, 41.7%, and 38.4%, respectively.
**Digital-Real Economy Integration Advances** Sales revenue in core digital economy industries rose 8.5% year-on-year in October, while corporate spending on digital technologies climbed 9.6%, signaling continued progress in digital industrialization and industrial digitization. Digital product services and digital technology applications saw sales revenue grow by 10.2% and 13.1%, respectively. Digital consumption played a significant role, with digital content and media industry revenue jumping 15.2%.
Zhu Qing, a professor at Renmin University's School of Finance, noted that October's tax data for new quality productive forces highlights China's progress in industrial upgrading and economic transformation. The "AI Plus" initiative has spurred growth in cutting-edge industries, while deeper integration of digital technologies with the real economy provides strong, sustainable momentum for high-quality development, underscoring the solid foundation and vast potential of China's economic transformation.
