China’s industrial sector sees steady growth in July

BEIJING, Aug. 19 (Xinhua) — China’s industrial sector registered a steady revenue growth in July, as indicated by an increase in VAT invoice issuance, the State Taxation Administration said on Monday.
Tax data revealed a 6 percent year-on-year growth in the sales revenue of industrial companies nationwide in July, 1.7 percentage points higher than that recorded in the second quarter, according to the administration.
Specifically, the mining sector’s sales revenue rebounded last month, rising by 9.7 percent due to increased bulk commodity prices.
The manufacturing sector saw a 5.7 percent growth in sales revenue, driven primarily by raw material processing and equipment manufacturing.
Sales revenue of the electricity generation and supply sector increased by 5.6 percent in July as China entered its peak season of power consumption.
From January to July, the number of new taxpaying business entities rose by 7.3 percent from a year earlier, the administration said. ■