亮眼税收数据折射宏观政策成效

Economic Overview - In April, national enterprise sales revenue growth accelerated, increasing by 4.3% year-on-year, continuing the steady growth trend since the fourth quarter of last year, reflecting the positive effects of various policies implemented since September [1] - Industrial enterprises' sales revenue grew by 3.7% year-on-year, with manufacturing sales revenue increasing by 4.4%, driven by policies such as "two new" initiatives [1] Sector Performance - High-tech industries and core digital economy sectors saw significant sales revenue growth, with increases of 15.3% and 13.4% year-on-year, respectively [1] - The construction industry experienced a sales revenue increase of 6.5% year-on-year, with civil engineering reflecting a robust 11.6% growth, driven by favorable weather and project funding [1] Investment Trends - Equipment upgrades are expected to stimulate fixed asset investment, contributing to a stable macroeconomic recovery, as demand for equipment updates continues to grow [2] - As of Q1 2025, the number of engineering projects reporting work injury insurance via project methods reached 39,000, a 9.4% increase year-on-year, with total project costs amounting to 1.9 trillion yuan, up 4.8% [2] Infrastructure and Social Projects - Key social projects remain a focus, with significant investments in community upgrades and educational facilities across various provinces, enhancing living conditions and educational environments [3] - New technology investments are progressing steadily, with projects like the 20 billion yuan organic light-emitting diode production line and various technology parks expanding to gather quality innovation resources [3] Regional Growth - The eastern region, particularly major economic provinces, showed strong growth in April, with sales revenue increasing by 4.8% year-on-year, significantly outpacing the national average [4] - Notable contributions came from provinces like Zhejiang, Guangdong, and Beijing, with sales revenue growth rates of 7.3%, 6.6%, and 5.4%, respectively, driven by advancements in artificial intelligence and high-tech industries [4]