China saw continued improvement of technological innovation and manufacturing with steady growth in sales revenue of related industries in the first 10 months of 2024, according to the latest value-added tax (VAT) invoices data released by the State Taxation Administration.
With regard to innovative development, from January to October, the sales revenue of high-tech industries increased by 11.4 percent year-on-year.
In particular, the sales revenue from transformation of scientific and technological achievements into applicable technology and information technology services expanded 27 percent and 12.3 percent respectively year-on-year, reflecting accelerated transformation of innovative elements into applicable technology and accelerated promotion of the informatization process in the ten-month period.
The sales revenue of core industries of the digital economy grew by 7.4 percent over the same period of last year.
In the first 10 months, the sales revenue of the digital technology application sector and the digital content and media sales revenue surged by 11 percent and 14.8 percent year-on-year respectively, indicating steady advancement of digital industrialization.
From the perspective of manufacturing, the manufacturing sales revenue in the first 10 months went up by 3.6 percent year-on-year.
From January to October, the sales revenue of equipment manufacturing, digital product manufacturing, and high-tech manufacturing rose by 5.3 percent, 8.5 percent, and 8.7 percent respectively year-on-year.
In particular, advanced manufacturing industries such as computer manufacturing, communication and radar equipment manufacturing, and intelligent equipment manufacturing saw their sales revenue go up 16.4 percent, 21.6 percent and 11.2 percent year-on-year respectively, indicating steady improvement of high-end and intelligent manufacturing.
Sales revenue from China's high-tech, manufacturing industries increase steadily in Jan-Oct
Sales revenue from China's high-tech, manufacturing increased steadily in January-October
To meet the timeline of starting independent customs operations by the end of 2025, the government of south China's Hainan province issued a series of regulations to stipulate import and export management of Free Trade Port (FTP), with two major documents on environmental safety and medicine import put into effect recently.
To further explain the effects and scope of the two documents, the local government held press conferences on Monday and Tuesday.
The "Several Provisions on the Management of Entry Environmental Safety Access in the Hainan Free Trade Port" took effect on Wednesday, which clarified the scopes and responsibilities regarding potential environmental issues of vessels and import products.
"The document regulates the access management of special items such as hazardous waste, remanufactured products, carry-on items of entry personnel, and radioactive materials. Meanwhile, it clarifies that the storage sites for transit goods should meet environmental safety management requirements, to avoid environmental pollution," said Di Weijie, deputy director of the Department of Ecology and Environment of Hainan Province.
In addition, the administrative rule on zero-tariff import of medicines and medical devices in Hainan Free Trade Port was put into effect on Tuesday, stipulating that before Hainan FTP starts independent customs operations, medical institutions, higher medical education institutions, and pharmaceutical research institutes registered in the Hainan's Boao Lecheng Pilot Zone with independent legal status and approved eligibility can import designated pharmaceuticals and medical devices under the zero-tariff policy.
"The scope [of medicines and medical devices imported under 'zero-tariff' policy] consists of two categories: imported pharmaceuticals and medical devices already approved for registration in China, and specially licensed pharmaceuticals and medical devices for the Boao Lecheng Pilot Zone," said Jia Ning, director of Hainan Boao Lecheng International Medical Tourism Pilot Zone Administration, during the press conference.
With policy supports and related efforts like the Ever Lasting International Innovation Medicine Exhibition held in the Boao Lecheng Pilot Zone, medicine and health care is expected to be a new pillar industry for Hainan.
New regulations clarify environment, medicine import issues in Hainan Free Trade Port
