Nation defers over 256B yuan of tax payment

CHINA’S tax authorities nationwide in March have deferred 256.7 billion yuan (US$40.26 billion) of taxes for micro, small and medium-sized enterprises in the manufacturing sector, according to the State Taxation Administration.

A total of 2.57 million enterprises benefited from the delay of payment, the administration said. China deferred tax payments for the fourth quarter of 2021 for micro, small and medium enterprises to ease the impact of rising costs. The delay of payment will be extended by six months.

Power generation rises 0.2%

THE country’s power generation rose 0.2% year on year to reach 670.2 billion kilowatt-hours in March this year, data from the National Bureau of Statistics (NBS) showed yesterday.

In breakdown, thermal power generation fell 5.7% year on year, and hydropower output rose 19.8% from a year ago, NBS data showed. China’s power generation rose 3.1% year on year to reach 1.99 trillion kilowatt-hours in the first quarter of this year.

Jilin says hundreds of firms resume work

JILIN Province said yesterday that 496 of its 500 key enterprises have resumed work and production, broadcaster CCTV reported, quoting a press conference.

Companies that have resumed production include FAW Group’s joint ventures with Volkswagen and Toyota, Xinhua said in a report. Five factories of China FAW Group Co. in Changchun, capital of Jilin, have resumed production, with a total of 7,438 workers back to work, the city government said.

Yiling Pharmaceutical shares plunge

SHARES of a traditional Chinese medicine maker plunged by the daily limit after the son of one of China’s richest men questioned the efficacy of its drug used to treat mild cases of COVID-19.

Shijiazhuang Yiling Pharmaceutical Co. fell by 10% in Shenzhen yesterday after Wang Sicong — Dalian Wanda Group Co. chairman Wang Jianlin’s son — reposted a video late last week on Weibo that questioned whether the World Health Organization had ever recommended the firm’s drug as COVID-19 treatment. The stock has gained over 260% since end-2019, mostly for its Lianhua Qingwen capsules which have been recognized in various treatment plans to reduce COVID symptoms such as fever and sore throat for mild cases.