The economic situation of the Liaoning province has maintained a stable development over the first five months of 2016, Liaoning Daily reported. The province, making great efforts in structural reform on its supply side, continues to maintain economic growth, adjust structure and benefit its locals.

The total retail sales of consumer goods in Liaoning grew 8.2 percent over the past five months, while tax revenue grew 1.7 percent, which is 4.7 percent points higher than that of first three months of this year.

As Liaoning's economic development continues, an increasing number of business enterprises have begun to do business online, with the number of internet transactions continuing to rise as the turnover of online commodity sales jumped 63.4 percent in the first four months of this year.

The sales area of commercial housing also rose by 8.5 percent during this period while sales amount rose by 15 percent. In addition, the province's road volume of freight reached 615 million tons and the port cargo handling capacity stood at 462 million tons, up by 2.4 percent year-on-year in the first five years.

Over last year, tax revenue grew by 8.1 percent, totalling 80.86 billion yuan ($12 billion) with the province's value-added tax (VAT) increasing by 6.2 percent. Business tax also increased by 30.3 percent as corporate income tax increased by 5 percent and individual income tax increased by 9.3 percent.