Economics

China's tax data for the first half of this year, released on July 26, reflect solid corporate performance, as enterprises' sales revenues rose 34.4 percent year-on-year, based on value-added tax invoices, robust economic growth and steady recovery from the COVID-19 pandemic, the State Taxation Administration said. Taken together, first-half sales revenues of corporates in 2020 and this year averaged 15.1 percent, indicating stable economic growth momentum, said Zhao Lianwei, deputy head of the STA's Revenue Planning and Accounting Department. STA tax data showed sales revenues accelerated in the second quarter, especially in the high-tech and innovative industries like information services and research and development design services. In the first half, high-tech companies' sales revenues increased by 33.6 percent year-on-year, and enterprises in the industrial sector witnessed revenue growth of 32.9 percent. Data also indicated the energy supply structure has been gradually optimized, and the ecological and environmental protection industry has developed rapidly, Zhao said. Services-related consumption recovered in the first half, with sound development of new consumption businesses. Investment also increased steadily, and the investment structure has been gradually improved, he said. Some 6.24 million new market entities that will have to pay corporate taxes at an appropriate time were…

Original link