China's industrial sector sees 6% revenue growth in July 2024

China's industrial sector experienced steady revenue growth in July, as evidenced by an increase in VAT invoice issuance, according to the State Taxation Administration. Sales revenue for industrial companies across the country grew by 6 per cent year-on-year in July, marking an improvement of 1.7 percentage points compared to the second quarter.

The manufacturing sector contributed significantly to this growth, with sales revenue rising by 5.7 per cent, primarily driven by increased activity in raw material processing. Additionally, the electricity generation and supply sector saw a 5.6 per cent increase in sales revenue as China entered its peak season for power consumption.

From January to July, the number of new taxpaying business entities in China increased by 7.3 per cent compared to the same period last year, indicating a continued expansion of the industrial sector, according to Chinese media reports.

ALCHEMPro News Desk (DP)