China sees robust expansion in new taxpaying business entities

BEIJING - China recorded a surge in the number of new taxpaying business entities in the first 11 months of 2023, official data showed Tuesday. The data indicates the country's economic vitality.

The country saw 15.15 million newly-registered business entities handling tax-related businesses during the January-November period of 2023, up 25.4 percent year-on-year, according to the State Taxation Administration.

A breakdown of the data showed that over 4.55 million such business entities, or 30.1 percent of the total, engaged in new industries, new business forms and new models, with the proportion up 2.5 percentage points compared with the same period in 2022, the administration said.

By sectors, the number of new taxpaying business entities in the internet and information technology service sector registered a fast expansion, up 32 percent year-on-year during the period.

The administration will continue to work to ensure better implementation of the tax and fee reduction policies, amid efforts to support the development of technological innovation and manufacturing industry, said Shen Xinguo, an official with the administration.