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China’s tax revenue up 8.9% in H1

Updated: Jul 20,2017 8:49 PM     Xinhua

BEIJING — China’s tax revenue amounted to 7.08 trillion yuan ($1.05 trillion) in the first half of 2017, up 8.9 percent year on year, reflecting the stabilizing trend in the economy, official data showed on July 20.

The data does not include export tax rebates, according to the State Administration of Taxation.

In a sign of improvement in the real economy, tax income in the secondary industry saw fast growth, while that from the tertiary industry accounted for 57.6 percent of the total tax revenue, up 1.1 percentage points from the share in 2016.

Tax income from consumption-related sectors continued robust growth, with revenue from retail businesses surging 25 percent.

Regionally, tax income from eastern, central and western China grew 6.7 percent, 13.9 percent and 12.4 percent, respectively.

The data also showed China’s tax break policies aimed at supporting mass entrepreneurship and innovation have saved businesses 216.9 billion yuan in the first six months, up 29.6 percent year on year.

China on July 17 reported steady growth of 6.9 percent for the first half of 2017, during which consumption and services, together with the innovation-driven new economic sectors, are taking up larger roles in the economy.