BEIJING, July 28 (Xinhua) -- China's economy has made remarkable strides during the 14th Five-Year Plan period (2021-2025), with steady industrial upgrades and continued opening up, according to data from the State Taxation Administration (STA).

Speaking at a press conference on Monday, Hu Jinglin, director of the STA, said the country's total tax revenue is expected to surpass 85 trillion yuan (about 11.89 trillion U.S. dollars) in the 2021-2025 period, marking an increase of 13 trillion yuan compared to the previous five-year period.

The number of tax-paying business entities in China had exceeded 100 million as of the end of June this year, representing a net increase of 30 million since 2020 and underscoring the strong market dynamism and resilience, Hu added.

HIGH-QUALITY DEVELOPMENT

A key driver of this economic progress has been the wide-ranging tax and fee reduction policies, which are expected 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 has been 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.

These policies have brought substantial benefits to market entities and households, providing sustained momentum for high-quality economic development, said Cai Zili, deputy director of the STA.

Thanks to robust policy support, China's economy has achieved notable progress. 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.

Green transition in the country 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.

In addition to fostering growth, the STA recovered 571 billion yuan in tax losses through strengthened law enforcement, reinforcing public awareness in taxation.

GREATER OPENING UP TO THE WORLD

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

Tax data further underscored China's increasing attractiveness to global tourists. By the end of June, the number of tax refund stores catering to foreign visitors had 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.

At the press conference, Wang Daoshu, also a deputy director of the STA, said that China has been actively involved in international tax cooperation.

China has participated in global taxation governance through multilateral platforms such as the United Nations and the OECD, becoming a key participant and contributor, Wang said, adding that the country's tax treaty network has expanded to 114 countries and regions. Enditem