VAT invoice data released by the Shanghai tax bureau on 24 April show that in the first quarter of 2026 the city's manufacturing sector remained stable, new growth drivers gained momentum, the consumer market warmed up further and the national unified market continued to develop, with the economy improving overall.
Stable manufacturing is an important support for steady growth. Invoice data show first-quarter manufacturing sales revenue up 1.8 percent year on year, 13.3 percent of total enterprise sales revenue. Equipment manufacturing sales rose 2.0 percent and accounted for 61.9 percent of manufacturing revenue.
Bearings, described as the joints of industry, are a basic component of equipment manufacturing. The domestic brand Zhangxue Motorcycles recently won two races at the World Superbike Championship, breaking the dominance of European, American and Japanese brands, and the core gearbox bearings came entirely from Renben Group Shanghai Bearing Co. The company, which has held an A-grade tax credit rating for eleven consecutive years, said its standardised management and stable credit record added to its appeal when the customised non-standard bearing requirement arose in May 2025. Its head of accounting said first-quarter revenue exceeded 2.7 billion yuan, with the management dividend of compliant operation converting quickly into performance.
While traditional manufacturing held steady, new tracks represented by high-tech industry continued to gain, becoming a strong engine of first-quarter growth. High-tech industry sales revenue rose 17.6 percent, with integrated circuit design and manufacturing up 54.5 percent and 8.5 percent respectively.
Shanghai Kaihong Technology Electronics Co., a leader in integrated circuit packaging and testing, increased first-quarter sales by 153 million yuan, or 21.65 percent. Its general manager Zhu Jianyu said production lines are running at full capacity and orders remain high, with more than 99 percent of products exported to customers including Samsung and Tesla. Behind steady growth is coordinated support: the tax authority worked with science and technology and market regulation departments to form a cross-department team offering one-to-one customised services and guidance on applying relevant policies.
Improvement on the production side is feeding through to consumption. First-quarter revenue from resident services rose 7.6 percent, while travel agencies and related services and culture and entertainment rose 14.7 percent and 36.2 percent respectively.
At the North Bund AIA Grand Theatre, first-quarter sales reached 5 million yuan, up nearly 90 percent, with average attendance above 75 percent, said Gao Bin, general manager of Shanghai Hongkou Poly Theatre Management Co.
Trade and logistics also accelerated. First-quarter cross-province trade sales rose 8.5 percent, and cross-province sales in transport and logistics rose 6.7 percent. J&T Express reported total parcel volume of 8.326 billion in the quarter, up 26.2 percent, with overseas markets accounting for 35.1 percent and Southeast Asia delivering 2.768 billion parcels, up 79.9 percent. Its representative Yang Xiaolei said refined tax services solved tax difficulties in development and saved time and effort in expanding at home and abroad.
A Shanghai tax bureau official said the department will focus on the actual needs of market entities, continue improving services and implement tax and fee policies to inject more momentum into high-quality economic development.