The continued rebound in the “tax and electricity index” in many places reflects the improvement of industry quality
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As a “barometer” for studying and judging economic operations, the “Tax and Electricity Index” jointly compiled by the tax department and the power department has gradually become well-known to the public. The latest data released from Zhejiang, Shandong, Jiangxi, Sichuan and other places show that the “tax and electricity index” continued to rise in the first quarter, and the data of high-tech manufacturing and strategic emerging industries grew faster, showing that the local economy is stabilizing and improving, with new momentum. Accelerate the trend of growth.
The “tax and electricity index” is an indicator calculated by a model that combines corporate tax sales invoice data and electricity consumption data. A tax and electricity index greater than 100 indicates an active economy, and the larger the value, the higher the degree of activity.
“This is a comprehensive indicator that can reflect economic activity. The invoice data reflects the company’s current sales. At the same time, some goods are not sold after completion of production, so the electricity consumption reflects the current production and operation of the company. Sales, Invoicing data is formed; electricity is used to form production data. The two data are put together to better reflect the current normal production and operation,” said Li Xuhong, deputy director of the Beijing National Accounting Institute.
Data show that Zhejiang Province’s tax and electricity index in the first quarter of this year was 109.0, an increase of 2.3 percentage points from the whole year of 2023. Since March 2023, it has continued to be in the prosperous range; Jiangxi Province’s tax and electricity prosperity index in the first quarter of this year was 106.4, an increase of 2.3 percentage points from the previous year. An increase of 1.1 basis points in two months; Sichuan Province’s tax and electricity index in the first quarter of this year was 106.1, 6.1 points higher than the boom-bust line. Shandong Province’s total tax and electricity index in the first quarter was 107.1, an increase of 0.5 points from the whole year of 2023. It has been above the boom-bust line of 100 for 14 consecutive months since February 2023.
Judging from the breakdown of the “tax and electricity index”, the development of high-tech manufacturing in many places is accelerating, and advantageous industries such as strategic emerging industries have a strong supporting role. This shows that new driving forces are accelerating and the formation of new quality productivity is accelerating.
In the first quarter of this year, the sales revenue of strategic emerging industries and advanced manufacturing industries in Jiangxi Province increased by 7.9% and 6.6% year-on-year respectively, driving a total industry growth of 3 percentage points; Zhejiang special equipment, instrumentation and other high-tech manufacturing industry tax and electricity index Reached 112.5 and 109.1 respectively, an increase of 1.9 and 6.1 percentage points compared with the whole year of 2023.
In the first quarter, the invoice sales revenue of high-tech industries in Shandong Province increased by 7.7% year-on-year, of which the high-tech service industry increased by 11.1% year-on-year. Especially driven by technology and innovation, the invoice sales revenue of technology promotion services and technology intermediary services grew rapidly. Year-on-year increases of 44.2% and 58% respectively. At the same time, judging from the province’s industrial invoicing sales revenue, new energy vehicle manufacturing increased by 29.6% year-on-year, photovoltaic equipment and component manufacturing increased by 49.7% year-on-year, and solar power generation increased by 38.4% year-on-year.
In the workshop of Weifang Petela Electric Co., Ltd., workers are rushing to produce new energy power accessories needed by Weichai, Cummins and other companies. “Sales revenue in the first quarter of this year increased by 4.5% year-on-year. We will continue to aim at the development direction of ‘specialization, specialization and innovation’, further increase technology research and development efforts, and strive to better explore the international market.” Sun Jingshu, the company’s financial director, said.
While emerging industries are accelerating their growth, the transformation and upgrading of traditional industries continues. Data show that in the first quarter of this year, Zhejiang’s traditional manufacturing industry has been transformed, upgraded and recovered. The tax and electricity indexes of the textile and metal products manufacturing industries reached 110.7 and 110.8 respectively, an increase of 3.1 and 6.3 percentage points respectively from the previous quarter.
In the printing and dyeing workshop of Shaoxing Keqiao Jiayu Textile Co., Ltd., there are no dyes and few people. Instead, there are various conveying pipes of different thicknesses and automated equipment. Various imported professional testing instruments can detect fabrics in real time and make adjustments at any time, greatly reducing the failure rate of products. “The upgrading of equipment to high-end, intelligent and green has greatly assisted the development of the company.” Cao Weijiang, general manager of the company, said: “In the first quarter of this year, Jiayu Textile’s sales revenue reached 3.539 million yuan.”
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