China's VAT data reflects steady economic growth in May

China's value-added tax (VAT) invoice data released by the State Taxation Administration on Friday indicates that the Chinese economy had remained on a stable footing in May, with strong momentum in manufacturing, innovation and the private sector.

Manufacturing remained a key economic stabilizer, accounting for 30.1 percent of total corporate sales in May. Sales in equipment manufacturing rose 7.5 percent year on year, with strong performances in the rail, ship, aviation and aerospace equipment, computer and telecom devices, and electrical machinery categories.

High-tech industries continued to expand last month, with sales up 15 percent year on year. The core digital economy sector grew by 11.2 percent, while corporate spending on digital technologies increased 10.9 percent.

Notably, sales of industrial and special-purpose robots surged 13.2 percent and 28.3 percent, respectively, underscoring progress in AI-driven manufacturing.

Private businesses also saw robust growth, with sales rising 0.9 percentage points faster than the national average -- accounting for 72.3 percent of total corporate sales.

Meanwhile, growth in manufacturing and high-tech sectors involving private firms outpaced the overall industry by 1.3 and 0.7 percentage points, respectively, in May.