Tax data released by China’s tax authority on Sunday showed that the country’s economy continued its steady recovery in July. Market participants’ sales revenues recovered steadily and several sectors saw positive developments.

The latest VAT invoice data show that sales revenues of industrial enterprises increased by six percent in July compared to the same period last year, an increase of 1.7 percentage points over the second quarter.

Growth was particularly evident in the high-tech industries, which recorded a 13.3 percent increase in sales compared to the previous year. Strategically emerging industries such as the manufacture of electronics and communications equipment, railway, shipbuilding and aviation equipment construction, and the manufacture of vehicles with alternative drive technology all recorded double-digit growth – 12.1 percent, 14.6 percent and 26.7 percent respectively.

The data also indicate a positive effect of policy measures that encourage the modernization of machinery and the repurchase of old consumer goods: nationwide corporate spending on machinery and equipment rose 8.5 percent year-on-year, up 2.8 percentage points from the second quarter.

Growth was particularly strong in key sectors such as industry and transport, where there were increases of 7.2 percent and 14.8 percent respectively, representing a clear acceleration compared to the second quarter.

The trade-in policy for consumer goods has been effective in boosting consumer demand, leading to an 8.5 percent year-on-year increase in sales of home appliances and electronic products and an 11.7 percent growth in furniture sales, both improvements from the second quarter.

Broken down by business category, the number of new taxable market participants increased by 7.3 percent year-on-year by the end of July, while the number of invoice issuers and income declarants increased by 8.5 percent. These companies accounted for 67.4 percent of all new business forms, an increase of 0.7 percentage points year-on-year.

“VAT invoice data is an important tax indicator that reflects the operation of our country’s economy. The latest data in July show that China’s economy is growing steadily and continues to improve,” said Huang Lixin, director of the Tax Science Research Institute of the State Administration of Taxation.

China’s economy is growing steadily, key tax data points to a robust recovery

Ordinary people in Hanoi, Vietnam, expressed their best wishes for good relations between China and Vietnam and their hope to learn about Chinese culture through the country’s tourism offerings.

General Secretary of the Central Committee of the Communist Party of Vietnam (CPV) and Vietnamese President To Lam arrived in the city of Guangzhou in southern China’s Guangdong province on Sunday, beginning his state visit to China, which will last from August 18 to 20.

The trip is Lam’s first state visit to China as Secretary General of the Central Committee of the Communist Party of Vietnam and President of Vietnam. China is also the first country Lam has visited since taking office as Secretary General.

China Global Television Network (CGTN) took the opportunity to interview locals in Hanoi, Vietnam to find out their opinions on Sino-Vietnamese relations and cooperation between the two countries.

Some said they expected China and Vietnam to deepen cooperation in many areas, including trade and scientific and technological development.

“I think China is a country with a large population and a lot of wealth,” said a Hanoi resident.

“China’s scientific and technological achievements in recent years are very impressive. For example, China has made great achievements in railway transportation, nuclear energy, etc.,” said another resident.

“Trade cooperation. I hope China and Vietnam can carry out comprehensive cooperation. China and Vietnam are neighbors connected by mountains and rivers, so our cooperation is quite practical,” said another resident.

Locals in Hanoi also said they looked forward to visiting China one day to experience the country’s rich culture and tourist attractions in person.

“There should be more cultural exchanges between China and Vietnam. Chinese and Vietnamese cultures have many similarities. Chinese culture is very interesting in terms of Chinese food, songs, history and culture,” said a resident.

“I really want to go to China because it is a very interesting country and my mother worked in China for a long time. I want to see the country where my mother worked and lived,” said another resident.

“I look forward to visiting China one day as there are great views from many places in China. The places I want to visit first are the Three Gorges Dam or the Great Wall,” said another resident.

Hanoi residents express good wishes for Vietnam-China relations

Hanoi residents express good wishes for Vietnam-China relations