Business / Markets

Innovation-driven industries in China report growing tax revenues

(Xinhua) Updated: 2016-01-22 14:55

BEIJING -- Tax revenue data offers a silver lining for the slowing Chinese economy: while traditional manufacturing reported sluggish growth, taxes collected from high-tech and service companies are coming in strong.

In 2015, electric machinery and equipment manufacturing reported 187 billion yuan ($28.51 billion) in tax revenue, a yearly growth of 8.3 percent, while taxes from pharmaceutical manufacturing increased 13 percent, according to the State Administration of Taxation.

The service sector also reported faster growth in tax revenue. In 2015, taxes collected from the service industry grew 7.6 percent, outpacing the 6.6 percent growth in total taxes.

Leasing and commercial services reported a stunning 23.8 percent growth year on year, with tax revenues totaling 582.2 billion yuan. Software and information services surged 21.2 percent.

High-tech manufacturing as well as the service industry were among the most innovative sectors, which officials vowed to support.

In total, China collected 11.06 trillion yuan in taxes in 2015.

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