China cuts 2.8 trillion yuan in tax, fees in 2025 to support innovation, manufacturing

BEIJING, Jan. 28 (Xinhua) -- China's tax and fee cuts as well as tax refunds to support sci-tech innovation and manufacturing exceeded 2.8 trillion yuan (about 401.4 billion U.S. dollars) last year, tax authorities revealed Wednesday.

The incentives have greatly facilitated the development of new quality productive forces, said Hu Jinglin, head of the State Taxation Administration, at a national taxation work conference.

The country's total tax and fee revenue reached 33.1 trillion yuan in 2025 on the back of steady economic growth and other positive factors, according to data released at the conference. China's GDP grew 5 percent year on year in 2025, meeting the annual target.

In breakdown, the tax revenue, before deducting export tax rebates, rose 2.7 percent year on year to reach 17.8 trillion yuan. Social insurance premiums increased 5.6 percent from the previous year to 9.1 trillion yuan. The non-tax revenue totaled 5.6 trillion yuan. ■