China's tax cuts, fee reductions and tax refunds aimed at supporting sci-tech innovation and the manufacturing industry benefited privately-owned market entities and stimulated the country's private sector in 2024, official data

Total tax cuts, fee reductions and tax refunds resulting from these supportive policies amounted to approximately 2.63 trillion yuan (about 366.54 billion U.S. dollars) last year, according to data from the State Taxation Administration.

Taxpayers from the private sector, including private enterprises and individual businesses, enjoyed more than 60 percent, or around 1.59 trillion yuan, of this total.

These favorable policies have injected impetus into the private sector's development. The growth rate in the sales revenue of the private sector outpaced the national average for all enterprises by 0.5 percentage points in 2024, the data revealed.

Within the private sector, sales revenue in the high-tech manufacturing and digital economy industries increased by 13 percent and 4.7 percent year on year, respectively.