Latest Invoice Data Shows China's Economy Running Steadily, With Further Improvement in Multiple Sectors

The latest invoice data released by the State Taxation Administration shows that China's economy has continued to run steadily in the first three quarters of this year, with further improvement in industry, emerging growth sectors, and equipment investment. According to the invoice data, industrial enterprises' sales revenue grew 7.4% year on year in the first three quarters, maintaining a robust growth momentum. Advanced manufacturing, represented by high-tech manufacturing and equipment manufacturing, played a notable supporting role, with sales revenue rising 12.3% year on year in the third quarter, 3.4 percentage points higher than in the second quarter. Meanwhile, emerging growth industries accelerated. In the first three quarters, sales revenue of the digital economy core industries and intellectual property (patent)-intensive industries, both related to the development of new quality productive forces, grew 9.1% and 13.1% year on year, respectively. In particular, manufacturing sectors related to artificial intelligence, such as integrated circuits and semiconductor device-specific equipment, saw year-on-year growth of 77.9% and 35.9% in the third quarter, with growth rates up 6.4 and 9.3 percentage points, respectively, from the second quarter. (CCTV News)