Tax data show that China's economic recovery growth trend continues to strengthen

According to the VAT invoice data released by the State Administration of Taxation on April 28, the sales revenue of Chinese enterprises continued to grow steadily, the industrial economy continued to recover, consumption and investment steadily improved, and the economic recovery growth continued to strengthen.

Among them, the average sales revenue of enterprises in China increased by 12.9% in two years. At a press conference held in Beijing that day, zhaolianwei, deputy director of revenue planning and accounting division of the State Administration of Taxation, said that the value added tax invoice data showed that in April, the sales revenue of enterprises in China increased by 24.6% year-on-year, 27.5% over the same period in 2019, with an average growth of 12.9% in two years, continuing a steady and positive trend since the second half of last year. In April, the sales revenue of national industrial enterprises increased by 25.5% year-on-year, up 21.2% compared with the same period in 2019, with an average growth of 10.1% in two years, reflecting the steady recovery of industrial economy. Of the 41 major industries in the industry, 38 industries have achieved positive growth in two years, and the average growth rate of 16 industries is more than 10%.

Meanwhile, the sales revenue of wholesale and retail industry increased by 12.3% on average in two years, and the consumption of upgrading type increased rapidly. According to the value added tax invoice data, the sales revenue of wholesale and retail industry in China increased 26.2% year-on-year in April, 26.1% compared with the same period in 2019, and an average growth of 12.3% in two years, Zhao said. Among them, the consumption of upgraded products increased rapidly, with the retail sales of watches, health care equipment, photographic equipment and nutrition and health products increased 77%, 64.6%, 56.5% and 54% respectively, with an average growth of 21.6%, 46.7%, 9.4% and 25% in the two years.

The VAT invoice data also showed that from January to April this year, the sales revenue of the national construction industry increased 39.6% year-on-year, 31.1% higher than that in 2019, and an average growth of 14.5% in two years. Zhao believes that this reflects the continued recovery of investment growth. The investment structure has been gradually optimized, and the investment in the new infrastructure field has increased. From January to April, the sales of urban rail transit engineering construction, energy-saving projects, communication and power transmission facilities related to new infrastructure increased by 116.2%, 75.6% and 95.2% year on year, with an average growth of 67%, 33.2% and 14.1% in two years.

At the conference, Zhao also introduced that the sales revenue of high-tech industries in April increased by 19.3% year-on-year, with an average growth of 18.9% in two years, 6 percentage points higher than the national average, which continued the rapid growth since last year. At the same time, the enterprise has increased its purchasing power for scientific research instruments, reflecting the continuous improvement of the enterprise's development. In recent years, the proportion of R & D expenses plus deduction has been increasing, and various preferential policies for tax and tax supporting scientific and technological innovation have been effectively implemented. The State encourages enterprises to invest in innovation and research with the "real gold silver" with tax reduction and fee reduction. The ability of Chinese Enterprises in scientific and technological innovation has been constantly enhanced.

(source: original title of China News Network: tax data show that China's economic recovery growth trend continues to strengthen)