China's manufacturing sector makes solid progress thanks to policy supports

China's manufacturing sector has demonstrated strong resilience and growth potential, with the government rolling out a raft of policies to stabilize the industrial chain, ease burdens on enterprises, and promote industrial transformation.

In the first half of the year, the value-added output of China's manufacturing sector accounted for 28.8 percent of the country's GDP, up 1.4 percentage points from 2021.

High-tech manufacturing, which saw its value-added output increase 9.6 percent year on year in the January-June period, was a major force pushing the manufacturing sector's high-quality development.

Authorities have ratcheted up efforts to smooth industrial and supply chains in recent months, establishing a "white list" mechanism and carrying out cross-departmental and cross-regional coordination to support enterprises in key areas and industries as they resume production amid COVID-19 outbreaks.

The accumulative tax refunds, tax and fee cuts, and tax and fee deferrals for small and medium-sized enterprises (SMEs) reached nearly 1.8 trillion yuan (about 266.73 billion U.S. dollars) in the first half of the year, thanks to multiple preferential policies to ease enterprise burdens.

Source from State taxation administration of the P.R.C.

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