Beijing, August 19, 2024, The Europe Today: China’s industrial sector experienced steady revenue growth in July, as evidenced by a notable increase in Value-Added Tax (VAT) invoice issuance, the State Taxation Administration reported on Monday.
According to tax data, the sales revenue of industrial companies across the nation saw a 6 percent year-on-year increase in July, marking a 1.7 percentage point improvement from the growth recorded in the second quarter.
The mining sector led the rebound with a 9.7 percent increase in sales revenue, largely attributed to rising bulk commodity prices. The manufacturing sector also reported a 5.7 percent growth in sales revenue, driven by robust performance in raw material processing and equipment manufacturing.
Additionally, the electricity generation and supply sector saw a 5.6 percent increase in sales revenue in July, coinciding with China’s peak season for power consumption.
The State Taxation Administration also noted that from January to July, the number of new taxpaying business entities increased by 7.3 percent compared to the same period last year, reflecting continued economic vitality and business growth in the country.
