Briefly

New taxpayers up in Jan-May period

China has witnessed a spike in the number of new taxpaying market entities in the first five months as the country's economy continues to recover from the COVID-19 pandemic. A total of 5.22 million new market entities handling tax-related business were registered during the January-May period, an increase of 40.19 percent from the same period last year, data from the State Taxation Administration showed. Newly registered companies numbered 2.78 million, representing a rise of 37.14 percent year-on-year. The number of new individual businesses stood at 2.37 million in the reporting period, up 45.37 percent year-on-year.

PBOC conducts reverse repos

China's central bank on Thursday conducted 10 billion yuan ($1.55 billion) of reverse repos to maintain reasonably ample liquidity in the banking system. The interest rate for the seven-day reverse repos was set at 2.2 percent, according to a statement on the website of the People's Bank of China. A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

Postal sector sees robust growth

China's postal industry registered rapid growth in business revenue in the first five months of the year, State Post Bureau data showed. The sector's combined business revenue totaled 502.24 billion yuan ($77.57 billion), up 24 percent year-on-year. In May alone, the postal sector raked in 105.19 billion yuan in total revenue, up nearly 11 percent year-on-year. From January to May, China's courier companies handled 39.65 billion parcels, a sharp increase of 50.1 percent. Their combined business revenue jumped 29.7 percent from a year ago to 392.58 billion yuan.

Xinhua - China Daily