Chinese businesses have reflected a major boost in sales revenue since the beginning of this year. In the first quarter (Q1) of 2023, businesses across the country experienced a 4.7 per cent year-on-year (YoY) increase in their combined sales revenue, representing a 6.2 per cent increase from the previous quarter of last year, as per the country's State Taxation Administration.

Growth momentum became more substantial in March, with sales revenue 12.8 per cent higher from last year, Wang Jun, head of the country's State Taxation Administration, told reporters at a press conference.

The reversal of the long losing streak in Chinese businesses’ sales revenue, which started in July 2022, was confirmed by the data from January to March.

With the value of business purchases increasing by 14.1 per cent YoY in March, business confidence was also given a boost. This is a significant increase from the 1.3 per cent recorded in January-February, Wang noted.

According to Wang, the revenue from retail sales of goods exhibited a consistent and swift recovery, growing by 11.6 per cent compared to the previous year, which is 3.4 percentage points higher than last year.

Fibre2Fashion News Desk (NB)

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China's businesses report 4.7% YoY sales growth in Q1 2023

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