China’s State Taxation Administration reports a sizeable increase in the country’s nationwide tax revenues for the first half of 2017.
Zheng Xiaoying, vice head of STA’s revenue planning office, said at a press conference that China’s first half nationwide tax revenues were 7.0789 trillion yuan (not including export rebates), for year-on-year growth of 8.9%.
“This reflects the development tendency of improvement within stability displayed by the country’s macroeconomy since the start of the year,” said Zheng.
According to Zheng the rapid increase in secondary and tertiary industry tax revenues attests to ongoing improvements in China’s economic structure.
The rapid increase in tax revenues drawn from consumer-related sectors also indicates that China is continuing the transition towards more consumption driven growth, with retail tax revenues up 25%, beating overall growth by 16.1 percentage points.