The sales revenues of Chinese enterprises maintained month-over-month growth in October, according to the value-added tax data released by China's State Taxation Administration on Thursday.
October's sales revenues increased by 3 percentage points and 1.3 percentage points compared with August and September, respectively, the data showed.
The sales revenues of the manufacturing industry grew by 1.3 percent year over year and posted a 2.2 percentage points increase compared with September. The high-tech and the equipment manufacturing sectors maintained faster growth, with their sales revenues jumping 8.9 percent and 5.1 percent year over year, respectively.
Besides, China's advanced manufacturing industry also performed well in October, including the sectors of aerospace vehicle and equipment manufacturing, computer equipment manufacturing, and electronics and communication equipment manufacturing.
In terms of the modern service industry, sales revenues of the scientific research technology services, information technology services, and logistics increased by 14.5 percent, 9.2 percent, and 7.3 percent year over year, respectively.
The resale housing markets in China's first-tier cities were also active throughout October, with resale revenues in Beijing and Shanghai going up by 11 percent and 12.8 percent year over year, respectively.
As China ramped up equipment renewal programs, in October, Chinese enterprises spent 5.2 percent more year over year on purchasing equipment.
Sales revenue of Chinese enterprises maintain growth in October
Nipsea Group, one of the largest paint material manufacturers in the Asia Pacific region, will continue to invest in China as it is a place that is full of innovation and open to ideas, said the company's CEO Wee Siew Kim when participating in the 7th China International Import Expo (CIIE) in Shanghai. Running from Tuesday to Sunday, the 7th CIIE has attracted participants from 152 countries, regions, and international organizations in its country exhibition and business exhibition.
In an interview with China Global Television Network (CGTN), Wee said Nipsea Group has benefited from China over the past three decades and will continue to invest in China.
"China for us is more than a market. We have grown over the past thirty years in China, and we've benefited a lot from the dynamism that is China today. So, now we know that in recent times there has been concerns of economy that is slowing down. But we see very differently. We see as a continuing, unwavering commitment to China, we are continuing to invest," he said.
Wee Siew Kim said the company is building a new research and development center in Shanghai and has chosen to base their talent base and capabilities in China as the country offers an open market.
"If you look at just the recent months, we have broken ground in a new research and development center in Shanghai, where we're going to put over in forty five thousand square meters, a brand new research and development center. So, all these are new investments, showing our continuing investment into China. And this investment is part of the new productive forces. China is a place full of innovation and it's a place very open to ideas, especially in the paint site. We feel China is a very open market. Collaboration is always there, so we anchor our talent base here, anchor capabilities here. We believe that we can actually grow with China, so we continue to invest here and commit here," he added.
This year marks the Nipsea Group's first participation in CIIE since the event's inauguration in 2018, as a newcomer. The Singapore-based company as a newcomer will use this opportunity to meet with collaborators, partners and customers in China and showcase its new products, according to Wee.
"We're so honored that CIIE has provided us this excellent platform and just been here you can feel the vibrancy of the economy and the industry. And this platform allows us a good outreach to our collaborators, partners and customers in China. Now with the new material, special section of the CIIE, it gave us then the extra reason to showcase all the sustainability, low carbon innovations that we've done in recent years, bring together our international resources, working with Chinese talent and intellectual base and really creating a global product," he said.
CEO of Asia's leading paint Nipsea Group says to increase investment in China
