Changsha's industrial tax revenue registered substantial growth in the first quarter of 2023, according to the Changsha Municipal Bureau of Industry and Information Technology on May 24. The city's industrial tax revenue amounted to 39.39 billion yuan during the period, up 37.5% year on year. Of the total, revenue from industrial value-added tax came in at 10.5 billion yuan, an increase of 39.3% year on year.

A sound foundation for source of tax revenue is attributed to continuous optimization of the industrial chain ecology and a large increase in quality enterprises. In 2022, 399 industrial enterprises above designated size were added in Changsha, bringing the city's total number of such enterprises to 3,113, ranking second among provincial capitals in central China. Changsha is home to 19 ten-billion-yuan industrial enterprises. The city's total added value of industrial enterprises above designated size increased by 8.3% in 2022, up 1.1 percentage points from a year earlier and 4.7 percentage points higher than the national level.

Changsha has 141 national-level "little giant" firms, or leading small and medium enterprises (SMEs) that specialize in niche sectors, ranking 4th among provincial capitals in China and 2nd among provincial capitals in central China. During the 14th Five-Year Plan (2021-2025) period, the city will strive to ensure the number of specialized and sophisticated SMEs tops 1,000, and the number of national-level "little giant" firms exceeds 300.

Since 2018, Changsha has made great efforts to build 22 industrial emerging and advantageous industrial chains. Each industrial chain is headed by a municipal leader and led by a park in which an industrial chain office is established. A linkage system among industrial chain chiefs, alliance heads, university principals and bank directors was established to promote the development of industrial chains in a coordinated manner. By the end of 2022, Changsha had introduced 169 major industrial chain projects each with an investment of over 200 million yuan, including 6 projects each with an investment of 10 billion yuan or more, 5 projects each with an investment of 5 to 10 billion yuan, and 38 projects each with an investment of 1 to 5 billion yuan. The city had also added 37 industrial chain projects invested by Fortune Global 500 enterprises, top 500 Chinese enterprises, and top 500 Chinese private enterprises.

Source: en.changsha.gov.cn