China has witnessed a spike in the number of new taxpaying market entities in the first five months as the country’s economy continues to recover from the COVID-19 pandemic.
Data by the State Taxation Administration showed that a total of 5.22 million new market entities handling tax-related business were registered during the January to May period, an increase of 40.19 per cent from the same period last year.
Newly registered companies numbered 2.78 million, representing a rise of 37.14 per cent year on year, the number of new individual businesses stood at 2.37 million in the reporting period, up 45.37 per cent from a year ago.
According to the administration, up to 98.86 per cent of the new market entities handling tax-related business in the five-month period were privately owned, up 0.09 percentage points and 0.53 percentage points from the same period in 2020 and 2019, respectively.
Also, the administration said that the market entities from the wholesale and retail sectors, commercial service and construction sectors accounted for 56.05 per cent of the total, while the proportion of new taxpayers from the modern service sector witnessed continued growth. (Xinhua/NAN)