The index tracking China's bulk commodity prices stood at 113.4 in October, up 3 percent month on month, according to data released by the China Federation of Logistics and Purchasing (CFLP) on Tuesday.
The prices of ferrous metals, non-ferrous metals, minerals, chemicals and energy all rose last month, indicating positive changes in the economy, higher demands in the market, and greater economic vitality in the country, said the CFLP.
Among the 50 key types of products monitored by the CFLP, 35 saw price increases on a monthly basis, with coke, cold rolled coil and hot rolled coil topping the list.
As the country continues to roll out incremental policies, market expectations have been significantly boosted, leading to increases in orders at steel plants and surges in domestic steel prices.
Data show that the prices of cold rolled coil and hot rolled coil rose by 13.3 percent and 12.4 percent month on month, respectively.
Experts expect the positive momentum to be sustained in the fourth quarter, as demands rebound, the bulk commodity market gains vitality, and the implementation of various policies speeds up.
"On the one hand, the existing policies are taking effects, which will be unleashed gradually. On the other hand, some incremental policies have been adopted, so I think they can generate continuous forces to boost the economy," said Wang Jingwen, director of the Macroeconomic Research Center of the Research Institute of China Minsheng Bank.
China's bulk commodity price index edges up 3 pct in Oct
Chinese lawmakers on Dec 25 voted to adopt a law on value-added tax (VAT), the largest tax category in China, marking major progress in enforcing the principle of law-based taxation.
The law, passed at a session of the Standing Committee of the National People's Congress, the national legislature, will take effect on Jan 1, 2026.
Currently, 14 out of the 18 tax categories in effect in China have already been legislated, covering the majority of tax revenue.
The VAT law specifies tax rates and taxable amounts, maintaining the three current rates of 13 percent, 9 percent, and 6 percent, with a zero tax rate applied to certain goods and services exports.
"The VAT legislation maintains the current statutory tax rates: 13 percent for goods, 9 percent for sectors like transportation, postal, communication, real estate, and construction, and 6 percent for services," said Shi Zhengwen, director of the Fiscal and Taxation Law Research Center of China University of Political Science and Law.
In terms of tax collection management, the VAT law clarifies that VAT will be collected by tax authorities, while customs will handle VAT for imported goods.
Additionally, for the first time, the law specifically outlines an invoicing management system, emphasizing the promotion of electronic invoices and strengthening data-driven tax administration.
"Electronic VAT invoices aim to provide timely access to tax-related information from business operations. The goal is to establish a tax information-sharing mechanism and coordination system. Under the 'data-driven tax administration' model, VAT collection will ultimately support high-quality development, social fairness, and market unity," said Shi.
VAT law to take effect in 2026, with current rates unchanged
