Briefly

NEV purchase tax exemption up in Q1

China's vehicle purchase tax exemption for new energy vehicles rose 36 percent year-on-year in the first quarter amid the country's continuous efforts to promote green automobile consumption and advance green development, according to official data. A total of 21.24 billion yuan ($3.09 billion) in taxes was waived in the January-March period, said the State Taxation Administration. China has been implementing a purchase tax exemption policy since 2014 to shore up development of the NEV sector. In September, it extended the preferential fiscal policy to the end of 2023.

Postal sector registers robust growth

China's postal sector registered a robust expansion in both business revenue and parcel volume in the first quarter, laying a solid foundation for the industry's whole-year growth, the State Post Bureau said on Wednesday. From January to March, the sector raked in 356.21 billion yuan ($51.45 billion), up 9 percent year-on-year, while its business volume rose 8.5 percent to reach 34.17 billion parcels. As a major player in the postal sector, courier companies handled 26.89 billion parcels in the first three months, surging 11 percent from a year earlier. The combined business revenue of the companies amounted to 258.96 billion yuan during the period, a yearly increase of 8.2 percent.

Net profit of top liquor brand rises

China's leading liquor maker Kweichow Moutai posted a net profit of about 20.8 billion yuan ($3 billion) in the first quarter of 2023, up 20.59 percent year-on-year. From January to March, its revenue climbed 20 percent year-on-year to approximately 38.76 billion yuan, according to the company's annual report. The operating revenue of the alcohol maker reached 127.6 billion yuan in 2022. Its net profit rose 19.55 percent year-on-year to 62.7 billion yuan last year, according to the report.

Jiangsu GDP up 4.7%in first quarter

Jiangsu province's first-quarter GDP grew 4.7 percent year-on-year to over 2.9 trillion yuan ($419.7 billion), according to the provincial statistics bureau. The added value of Jiangsu's primary, secondary and tertiary industries in the quarter was 63.4 billion yuan, 1.25 trillion yuan, and 1.6 trillion yuan, respectively, up 3 percent, 4.5 percent and 5 percent year-on-year. Over the period, Jiangsu's fixed-asset investment rose 5 percent. Industrial investment and infrastructure investment increased 8.3 percent and 8.7 percent, respectively. Jiangsu also saw its total retail sales of consumer goods reach 1.17 billion yuan, up 7.8 percent year-on-year over the first three months, with the catering sector growing by 16.2 percent.

Xinhua - China Daily