China's consumption rebounds across sectors as COVID-19 outbreak eases

Source: Xinhua| 2020-03-31 15:15:48|Editor: huaxia

BEIJING, March 31 (Xinhua) -- China's daily invoice issuance across sectors have picked up up, pointing to robust momentum of consumption recovery as locally transmitted cases of novel coronavirus disease (COVID-19) continued to recede, a taxation official said Tuesday.

Average daily tally of invoices issued by companies nationwide last week amounted to 82.3 percent of that of comparable period last year, up from 76.1 percent in the previous week and 20 percent in mid-February, Cai Zili, an official with the State Tax Administration, told a press conference.

Total face value of the invoices issued in March for agricultural materials including seeds and sheeting were restored to over 89.3 percent and 88.4 percent of that of the same time last year respectively, while manufacturers of phosphate fertilizer in Hubei Province, once hardest-hit by COVID-19, provided invoices with face value amounting to 78.5 percent of last March, according to Cai.

Tech-intensive sectors registered faster-than-overall sales recovery, with companies in Internet-based platforms and data transmission services issuing more invoices last week than the reference period last year.

Pent-up consumption demand was further released as wholesale and retail of consumer products saw invoices issued last week reach 92.9 percent of last year's level, among which daily necessities like staple grain, meat, poultry, eggs and aquatic products topped reference figures.

Tax authorities at all levels have sought to facilitate work resumption by smoothing the supply chain, connecting 45,000 suppliers with more than 2,600 companies in need of raw materials by Monday with data collected and provided upon taxpayers' consent, said Cai.