State Taxation Administration invoice data show China’s economy ran steadily in
the first three quarters and continued shifting toward new, higher-quality
growth. Industrial activity, emerging new-growth sectors, interprovincial trade
and equipment investment all improved in Q3 versus Q2. Sales revenue in core
digital-economy industries rose 9.1% YoY in Jan–Sep (Q3 +9.9%, +2.9 ppts vs Q2).
Sales in IP/patent‑intensive industries rose 13.1% YoY (Q3 +14.4%, +1.8 ppts).
AI‑linked manufacturing — notably integrated circuits and semiconductors
device‑specific equipment — expanded sharply in Q3, up 77.9% and 35.9% YoY
respectively (accelerating 6.4 ppts and 9.3 ppts from Q2).
