Tax big data takes you through the economic situation in the first quarter.

　　Xinhua News Agency, Beijing, April 23rd 　Title: Tax big data, take you through the economic situation in the first quarter.

　　Xinhua News Agency reporter Wang Yuxiao

　　In the first spring of the 14th Five-Year Plan, China’s economy made a steady start.

　　How is the production and operation of the enterprise this spring? What is the recovery geometry of the consumer market? How to judge the foreign trade trend? State Taxation Administration of The People’s Republic of China released a set of tax data on the 23rd, highlighting the good trend of China’s economy in the first quarter.

　　There are more than 2.7 million new tax-related market entities.

　　Market subject is the foundation of economic development. According to State Taxation Administration of The People’s Republic of China data, in the first quarter, there were 2.792 million new tax-related market entities in China, up 86% year-on-year, up 34.9% compared with the same period in 2019, with an average growth of 16.1% in two years.

　　Workers are assembling products in Harbin area of China (Heilongjiang) Pilot Free Trade Zone. Xinhua News Agency (photo by Zhang Tao)

　　Since the beginning of this year, the tax authorities have implemented the working mechanism through the "one pole to the end" policy, implemented the preferential policies for reducing taxes and fees, vigorously promoted high-quality and efficient intelligent tax and fee services, and helped enterprises to "travel light".

　　According to the data of VAT invoice, in the first quarter, the sales revenue of national enterprises increased by 50.5% year-on-year, with an average growth of 12.8% in two years, which continued the steady and good growth trend since the second half of last year.

　　Looking at the Development of Manufacturing Industry from VAT Invoice Data

　　Manufacturing is an important foundation of the real economy. According to the data of VAT invoices, in the first quarter, the sales revenue of the national manufacturing industry increased by 49.7% year-on-year, 20.2% higher than that of the same period in 2019, with an average growth of 9.6% in two years.

　　The rapid development of manufacturing industry has effectively stimulated the accelerated recovery of industry. The data shows that in the first quarter, the sales revenue of industrial enterprises nationwide increased by 46.7% year-on-year, with an average increase of 9.3% in two years.

　　Hebei Handan adjusts its structure to promote transformation and vigorously develops advanced equipment manufacturing industry (photo by Xinhua News Agency reporter Jin Haoyuan)

　　With the effective implementation of various tax policies to support scientific and technological innovation, the scientific and technological innovation ability of enterprises has been continuously enhanced. According to the data of VAT invoice, in the first quarter, the sales revenue of China’s high-tech industries increased by 53% year-on-year, with an average increase of 19% in two years, faster than the national average.

　　In addition, the sales revenue of civil engineering construction industry in the first quarter increased by 44.8% year-on-year, with an average growth of 15.8% in two years, continuing the rapid growth trend since the fourth quarter of last year; The sales revenue of agricultural machinery products increased by 78.7% year-on-year, with an average increase of 40% in two years.

　　Retail sales revenue increased by an average of 13.4% in two years.

　　From the central government to the local government, the implementation of a series of preferential tax policies to promote consumption and expand domestic demand has effectively boosted residents’ consumption confidence.

　　According to the data of VAT invoice, in the first quarter, the national retail sales revenue increased by 52.9% year-on-year, with an average increase of 13.4% in two years. Some upgraded consumption increased significantly, and the sales revenue of jewelry, watches and clocks, health care and medical equipment increased by 75.4%, 88.6% and 73.2% respectively.

　　Consumers shop in Hainan Boao Duty Free Shop (photo by Xinhua News Agency reporter Zhou Jiayi)

　　Since the outbreak, online education, Internet diagnosis and treatment and other new formats and new models have become new kinetic energy to activate consumption potential. In the first quarter, the sales revenue of digital cultural services and residential Internet services increased by 60.3% and 65.4% respectively year-on-year, and continued to maintain rapid growth from last year’s high base.

　　The domestic purchase amount of export enterprises increased by an average of 16% in two years.

　　The high-quality development of foreign trade is an important driving force for economic growth. In recent years, the tax authorities have actively implemented export tax rebate facilitation measures, simplified the tax rebate process, compressed the time limit for tax rebate processing, and effectively eased the pressure on enterprises to occupy funds.

　　In the first quarter, the recovery of overseas demand continued to drive the rapid growth of China’s exports, and the domestic purchase amount of export enterprises nationwide increased by 46.5% year-on-year, with an average increase of 16% in two years. From the perspective of export industries, export enterprises such as electrical machinery and equipment and special equipment have strong purchasing intentions, and the purchase amount has increased by over 50% year-on-year, and the expectation of expanding production in related industries has increased.

　　Investment in environmental protection equipment of enterprises has increased.

　　In recent years, the tax authorities have played the role of tax leverage to encourage enterprises to increase investment in environmental protection and transform to green and low carbon. According to the data of VAT invoice, in the first quarter, enterprises increased their investment in environmental protection equipment, and the procurement of pollution prevention equipment and environmental monitoring instruments increased by 63.5% and 54.9% respectively, with an average increase of 12.7% and 11.7% respectively in two years.

　　Various preferential tax and fee policies to support the development of new infrastructure industries have effectively promoted the gradual optimization of investment structure. According to the data of VAT invoice, in the first quarter, the amount of communication access, mobile communication and communication transmission equipment purchased by enterprises increased by 78%, 72.9% and 46.7% respectively, with an average increase of 10.3%, 15.8% and 10.6% respectively in two years.

　　Hebei Kaiping promotes clean production transformation of refractory enterprises and accelerates green and low-carbon development. Xinhua News Agency (photo by Dong Jun)

　　Zhao Lianwei, deputy director of the Income Planning and Accounting Department of State Taxation Administration of The People’s Republic of China, said that the growth rate of various indicators in the first quarter was relatively high. First, due to the effectiveness of China’s overall epidemic prevention and control and economic and social development, a series of policy effects were continuously released, and domestic and international market demand picked up; Second, affected by the epidemic last year, the base of various indicators was low, which led to a higher increase in indicators in the first quarter of this year.

　　"To read the economic situation in the first quarter correctly, we should not only look at the year-on-year growth, but also look at the growth compared with the same period in 2019. Calculating the two-year average growth rate can reflect the economic operation situation more objectively and comprehensively." Zhao Lianwei said that the tax system will actively explore the use of big data, carry out multi-level tax economic analysis, serve market players and macro-decisions, and make new and greater contributions to building a socialist modern country in an all-round way.