Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
Wang Jun, head of the State Taxation Administration, told a press conference on Thursday that the combined sales revenue of businesses nationwide gained 4.7 per cent year on year in the first three months of 2023.
It logged an increase of 6.2 percentage points in comparison with the fourth quarter last year.
Jun said that the Growth momentum became more palpable in March, with sales revenue up 12.8 percent from a year ago.
He said that the January-March data confirmed a reverse of the long losing streak in Chinese businesses’ sales revenue starting July last year, and evidence that the country’s economic recovery is steady and ongoing.
Jun said that the business confidence also strengthened as the value of business purchases increased 14.1 per cent year on year in March, up significantly from 1.3 per cent in January-February.
He said that in the first quarter of this year, more than 3.43 million tax-related business entities were newly established nationwide, up 7.2 per cent year on year.
Meanwhile, service industries such as accommodation, catering, cultural, sports entertainment, and residential services rebounded significantly, with sales revenue increasing by 22.8 per cent, 13.7 per cent and 9.4 per cent, respectively, year on year.
Jun said that the retail sales of goods recovered steadily and rapidly, with revenue increasing by 11.6 per cent year on year, 3.4 percentage points faster than last year.
He said that in March, the sales revenue of high-tech industry increased by 15.6 per cent year on year, 5.7 percentage points faster than the growth rate last year.
