Beijing: China's economy has made significant progress during the 14th Five-Year Plan period (2021-2025), marked by steady industrial upgrades and continued opening up, as reported by the State Taxation Administration (STA).

According to Namibia Press Agency, Hu Jinglin, director of the STA, announced at a press conference that the country's total tax revenue is anticipated to exceed 85 trillion yuan (approximately 11.89 trillion U.S. dollars) during this period, reflecting an increase of 13 trillion yuan compared to the previous five years.

The number of tax-paying business entities in China surpassed 100 million by the end of June, showing a net increase of 30 million since 2020 and illustrating strong market dynamism and resilience, Hu added.

A significant factor in this economic progress has been the comprehensive tax and fee reduction policies, projected to save businesses and individuals a cumulative 10.5 trillion yuan nationwide from 2021 to 2025. From 2021 to the first half of this year, 3.6 trillion yuan in tax and fee cuts was directed toward technological innovation and advanced manufacturing. The private sector, including self-employed households, benefited from 7.2 trillion yuan in cuts, while small and medium-sized enterprises received 6.3 trillion yuan in relief.

Cai Zili, deputy director of the STA, noted that these policies have provided substantial benefits to market entities and households, offering sustained momentum for high-quality economic development. As a result of robust policy support, high-tech industries have achieved an average annual sales revenue growth of 13.9 percent in recent years. In the first half of 2025, the private sector accounted for 71.7 percent of the country's total sales, up 2.8 percentage points from 2020.

The green transition in China has also gained momentum, with clean energy power generation, including wind, solar, and hydropower, recording an average annual sales revenue growth of 13.1 percent between 2021 and 2024. Besides fostering growth, the STA recovered 571 billion yuan in tax losses through strengthened law enforcement, reinforcing public awareness in taxation.

The press conference revealed that China has significantly expanded its opening up, with the number of foreign-invested tax-paying enterprises increasing by 12.7 percent from 2020 to June this year. These companies reported stable growth in sales revenue, with profits exceeding 630 billion yuan due to favorable reinvestment tax policies.

Tax data also emphasized China's growing appeal to global tourists. By the end of June, the number of tax refund stores catering to foreign visitors surpassed 7,200. In the first half of 2025, the number of tourists claiming tax refunds surged by 186 percent, while sales of tax-free goods and total refund amounts nearly doubled year on year.

Wang Daoshu, another deputy director of the STA, stated that China has been actively involved in international tax cooperation. The country has participated in global taxation governance through multilateral platforms such as the United Nations and the OECD, becoming a key participant and contributor. China's tax treaty network has expanded to 114 countries and regions.