Inside China's Economy: Property Sales Tax Surges Amid Tepid Overall Tax Take; Power Usage to Rebound Late in the Year
Property Sales Tax Surges Amid Tepid Overall Tax Take
China's tax revenue rose 6% year on year to ¥2.74 trillion in Q1 2013; the growth rate was 4.3 percentage points slower than a year earlier, the Ministry of Commerce said, citing an economic slowdown. However, revenue from property sales tax jumped 48.2% in the past quarter, during which property sales were up 61.3% year on year.
Power Usage to Rebound Late in the Year
China's electricity consumption will rise 5.5-6.5% in 1H 2013 and rise 6.5-8.5% for the whole of the year, the China Electricity Council predicted. Electricity demand will bounce back later this year as the economy gains momentum, with an overall balance between demand and supply, the CEC added. Electricity consumption rose 2% year on year in March and 4.3% in Q1 2013.
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