China's business income rebound points to improving economy: official

BEIJING -- Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.

Wang Jun, head of the State Taxation Administration, told a press conference Thursday that the combined sales revenue of businesses nationwide gained 4.7 percent year-on-year in the first three months of 2023 and logged an increase of 6.2 percentage points in comparison with the fourth quarter last year.

Growth momentum became more palpable in March, with sales revenue up 12.8 percent from a year ago, Wang said.

The January-March data confirmed a reverse of the long losing streak in Chinese businesses' sales revenue starting July last year, and added to evidence that the country's economic recovery is steady and ongoing.

Business confidence also strengthened as the value of business purchases increased 14.1 percent year on year in March, up significantly from 1.3 percent in January-February, Wang said.