Tuesday, October 9, 2012

Chrome translation utility to uncover Chinese taxation data


Dr. Ed Yardeni in his morning briefing on July 26th, 2012 highlighted the effort of Sailesh S Radha, market strategist of IMRA LLC, in uncovering the Chinese monthly tax data using the Chrome browser's translation utility which translated Chinese Han to English.  Here's the Ministry of Finance, PRC release of the July tax data translated from Chinese Han to English - click here.  

Here's what Dr. Ed had to say:

"We are constantly on the lookout for more data to add to our chart book. I recently asked our consultant, Sailesh Radha, to work on China’s official tax revenues. He found the latest official release in Chinese and used Google’s translation utility to read it. He ran two charts showing tax revenues in yuan and relative to GDP during H1-2012. A third chart shows the y/y growth in revenues during H1-2012 versus during H1-2011. 

... The data confirm a significant slowdown in Chinese economic growth during the first half of this year: 

(1) Tax revenues rose only 9.8% y/y during H1-2012, down from 29.6% over the same period a year ago. Growth rates were down across all 11 major revenue sources. 
(2) Personal income taxes actually declined 8.0%. A year ago, they rose 35.4%. Corporate income taxes rose 17.3%, but that was down from 38.3% a year ago. 
(3) Revenues from property transactions took a hit. The ones from “Land Value Increment” rose 14.7% vs. 91.1% a year ago. “Deed” revenues fell 9.9% after rising 27.5% a year ago."