China Market

2025 Luoyang bearing industry is moving forward steadily

Resource from: cbia 30 Jun,2025

In the development process of China's high-end equipment manufacturing industry, whether it is aerospace engineering or deep-sea exploration, it is inseparable from a key component - bearings. As the core supporting component of equipment operation, its performance directly affects the stability and reliability of the overall system.

 

Luoyang City, Henan Province is one of the important bearing manufacturing bases in China, with more than 300 related enterprises, and its products cover multiple application fields. It is one of the industrial clusters with the most complete types and the widest range of bearings in the country. In recent years, many local companies have regarded "compliant operation" as the cornerstone of sustainable development.

 

The tax department actively enters the enterprise and provides policy guidance. For example, the staff of the Mengjin District Taxation Bureau went to Luoyang Hongyuan Bearing Technology Co., Ltd. to explain tax preferential policies such as additional deductions for R&D expenses, helping enterprises to enjoy policy dividends in accordance with the law.

 

As a representative of the industry, Luoyang Bearing Group has continued to promote the development of high-precision products in recent years, involving multiple high-end fields such as aerospace and shield machinery. The financial director said that the company has established standardized processes from bill sorting to tax declaration, and introduced information systems to improve data processing accuracy and ensure tax compliance.

 

In terms of intellectual property protection and market behavior, the company has also established a sound management system covering contract review, market competition norms and other contents to ensure legal operation in all links. Data shows that R&D investment has increased year by year in the past three years, and the material costs related to sales and R&D have also increased significantly.

 

In response to the increase in corporate R&D projects, the tax department assisted the company in strengthening the accounting management of special income, guiding it to enjoy tax incentives in a standardized manner and avoid potential tax-related risks.

 

Luoyang Hongyuan Bearing focuses on the field of robot precision bearings and occupies more than 90% of the domestic market share. The person in charge of the company pointed out that full-process compliance in environmental protection, taxation, technology and other aspects has become one of the core advantages of the company. The company uses digital means to build a tax risk control system, realize financial management automation and improve operational efficiency.

 

Xinqianglian Slewing Bearing Co., Ltd. focuses on wind power bearing production. The company's senior management emphasized that product quality is closely related to compliance, and only products that meet standards can be recognized by the market. To this end, the company has established a review mechanism composed of legal, financial, audit and other departments, and introduced an intelligent management system to improve the level of contract and financial compliance.

 

In recent years, Luoyang tax authorities have continued to optimize service mechanisms and provide support to enterprises in terms of policy promotion, risk warning and capacity building. Data shows that the number of Class A taxpayers in the city has increased year by year, exceeding 12,000 in 2024.

 

The tax authorities said that they will continue to leverage the advantages of big data to help enterprises accurately connect with policy resources, implement various tax incentives, and help the manufacturing industry transform and upgrade towards intelligence and greening.


(cbia)
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