China's tax data reveals steady industrial revenue growth in first 5 months

BEIJING -- China's industrial enterprises have posted steady growth in sales revenue in the first five months of this year, with firms in high-tech and emerging sectors performing particularly well, according to official tax invoice data released Tuesday.

China's industrial enterprises saw their sales revenue grow by 6.8 percent year-on-year in the January-May period, according to tax invoice data released by the State Taxation Administration.

During the January-May period, sales revenue of the equipment manufacturing sector rose by 8 percent year-on-year, accounting for 46.8 percent of the manufacturing sector's total, continuing to serve as a stabilizer.

During the same period, sales revenue of robotics and intelligent vehicle equipment manufacturing grew by 27.7 percent and 46.3 percent respectively year-on-year, revealing that artificial intelligence continues to boost the industrial sector.

Specifically, sales revenue of integrated circuit manufacturing, optoelectronic device manufacturing and semiconductor device manufacturing rose by 57.7 percent, 32.6 percent and 24.4 percent respectively year-on-year, indicating the faster development of China's high-end electronics manufacturing.

The invoice data also showed that the country's transition to green energy is accelerating. In the first five months, sales revenue from clean energy sources, represented by wind, photovoltaic, hydro and nuclear power, grew by 18.9 percent year-on-year, accounting for 38.1 percent of total electricity sales revenue, up by 4.2 percentage points from the same period last year.

Li Ping, a researcher from the Tax Science and Research Institute under the administration, noted that the tax data has reflected steady growth in industrial enterprise sales revenue, with new growth drivers such as equipment manufacturing and high-tech industries playing a leading role, and the green and low-carbon industrial transition continuing to deepen.

It has further demonstrated the foundation of China's industrial economy is being continuously consolidated, while its quality and efficiency are steadily improving, Li said.