China's business income rebound points to improving economy: official

BEIJING, April 6 (Xinhua) -- 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 Thursday that the combined sales revenue of businesses nationwide gained 4.7 percent year on year in the first three months of 2023 and logged an increase of 6.2 percentage points in comparison with the fourth quarter last year.

Growth momentum became more palpable in March, with sales revenue up 12.8 percent from a year ago, Wang said.

The January-March data confirmed a reverse of the long losing streak in Chinese businesses' sales revenue starting July last year, and added to evidence that the country's economic recovery is steady and ongoing.

Business confidence also strengthened as the value of business purchases increased 14.1 percent year on year in March, up significantly from 1.3 percent in January-February, Wang said.

In the first quarter of this year, more than 3.43 million tax-related business entities were newly established nationwide, up 7.2 percent year on year, according to Wang.

Meanwhile, service industries such as accommodation and catering, cultural and sports entertainment, and residential services rebounded significantly, with sales revenue increasing by 22.8 percent, 13.7 percent and 9.4 percent, respectively, year on year.

Retail sales of goods recovered steadily and rapidly, with revenue increasing by 11.6 percent year on year, 3.4 percentage points faster than last year, Wang added.

In March, the sales revenue of high-tech industry increased by 15.6 percent year on year, 5.7 percentage points faster than the growth rate last year, said Wang.