STA: Highlights behind enterprise sales increased in the first half this year

Data from Value-added tax invoices showed that the sales revenue of enterprises in China has increased by 34.4% year-on-year in the first half of the year, up 15.1% compared with the average growth in 2019, and 2.3 percentage points higher than the average growth rate in the first quarter, reflecting the steady and positive economic performance. There are five highlights:

First, the industrial economy continued to be consolidated and the recovery was further expanded. In the first half of this year, with the steady recovery of market demand and the gradual smooth circulation at home and abroad, the sales revenue of industrial enterprises increased by 32.9% year on year, an average growth of 12.4% for the two years, and 3.1 percentage points higher than the first quarter. Among the 41 interior industry categories, 39 of their industries' sales revenue exceeded the degree of the same period in 2019, with an increase of 95%.

Second, innovative development has been strengthened, and the development of high-tech industries has kept a sound momentum. In the first half of this year, the strategy of innovation-driven development was further promoted. The sales revenue of high-tech industries in China increased by 33.6% year on year, representing a two-year average growth of 20.4%, 1.4 percentage points higher than that of the first quarter and 5.3 percentage points higher than the overall national level. Among them, the sales revenue of high-tech services such as information services, transformation services of scientific and technological achievements and the R&D services grew rapidly, with an average growth of 27 percent over the past two years, and 1.8 percentage points higher than the first quarter.

Third, the energy supply structure has been gradually optimized, and the ecological and environmental protection industry has developed rapidly. In the first half of this year, green and low-carbon energy sources continued to develop and grow. The sales revenue of solar power generation and wind power generation grew by 46.5% and 39.3% respectively compared with the same period last year, with an average growth of 31.4% and 24.2% respectively in the two years. While the sales revenue of thermal power generation increased by 8.4% on average in two years. The development of the ecological and environmental protection industry accelerated. The sales revenue of the ecological protection and environmental treatment industry increased by 31.4% year on year, and the two-year average growth was 21.2%, 4.2 percentage points higher than the first quarter. 

Fourth, service consumption has recovered significantly, and new forms of consumption are developing in a positive direction. In the first half of this year, a series of policies to stimulate consumption were effective and the consumer market recovered steadily. The retail sales of goods grew by an average of 10.4% in the past two years, especially the upgrade consumption was booming. The retail sales of medicine, medical equipment, household appliances, and electronic products grew by 19.9% and 15.3% respectively. Consumption on services has steadily recovered, and consumption on accommodation, catering, sports and entertainment has all exceeded the level of the same period in 2019. Online consumption continued to grow rapidly, and online retail consumption increased by an average of 32.3% over the past two years.

Fifth, effective investment is steadily improving and the investment structure is gradually optimized. In the first half of the year, investment remained in a reasonable growth area, with sales of construction sales rising by 28.9% year on year, the average increase of 14.8% in two years, unchanged from the first quarter. The construction of new infrastructure, transportation water conservancy and other major projects accelerated, and the average difference between the two annual averages of communications power transport facilities and energy conservation projects increased by 14.3% and 39.8% respectively. The average sales revenue of railway, road and bridge projects and water conservancy and water transport projects increased by 16.9% and 19.3% respectively in two years.

Next, the tax department will continue to build new development patterns, implement new development ideas and service, further explore the value of the tax, and make full play of the advantages of service industry, which will help the enterprises to rescue and solve the problems, and promote the development of high quality.