This photo shows a tax free shop in southwest China's Chongqing Municipality, May 2, 2025.（Photo: Xinhua)

China's tax revenue is expected to surpass 155 trillion yuan ($21.4 trillion) during the 14th Five-Year Plan period (2021-25), which lay a solid fiscal foundation for economic growth and social development, the State Taxation Administration (STA) said on Monday.

At a press briefing held by the State Council Information Office, STA commissioner Hu Jinglin noted that tax and fee income now represents approximately 80 percent of China's annual fiscal revenue.

During the same period, newly implemented tax and fee cuts are projected to reach 10.5 trillion yuan, and export tax rebates are estimated to surpass 9 trillion yuan, which have significantly supported the steady and innovative development of China’s economy and the society, according to the STA.

Hu also noted that the number of tax-registered business entities in China has surpassed 100 million by June 2025, a net increase of 30 million since late 2020. "This growth demonstrates the vitality and resilience of China's market economy," he said.

In 2024, over 100 million taxpayers received refunds totaling more than 130 billion yuan thanks to China's improved individual income tax system, STA Deputy Commissioner Cai Zili added at the press briefing.

Meanwhile, about 7 million taxpayers voluntarily paid an additional 48 billion yuan. "This balance between refunds and supplementary payments shows our taxation system's fairness and effectiveness," Cai said.

Global Times