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Insights from China: Slowing Growth, Further Opening of China’s Economy, and Demands to Accelerate the Digital Transformation — Key Points from China’s “Two Sessions”

In our weekly series Insights from China, we curate ongoing developments to distill what international brands and retailers need to know about China to succeed in the country. We cover areas such as policy, consumer behavior, consumer sentiment, government regulations and the competitive landscape – as they affect international companies selling to Chinese consumers or looking to enter the market.

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2019 Tax Tracker #3: Tax Filings Continue to Narrow the Gap with Last Year

The US Internal Revenue Service (IRS) tracks tax return filings on a weekly basis. As of February 15, the IRS had received 39.7 million tax returns, down 4.8% year over year. A total of 23.5 million refunds had been issued as of that date (down 26.5% year over year), totaling $62.0 billion (down 38.8% year over year) and averaging $2,640 (down $529 or 16.7% year over year).

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2019 Tax Tracker #2: Year-over-Year Decline in Tax Filings Starts to Moderate

Each year, the U.S. Internal Revenue Service (IRS) reports tax return filings and refunds on a weekly basis, starting in February and going into the April 15 filing deadline. It is still early in the filing season, so there will likely be more variability to the data. Filings are likely delayed due to confusion over the new tax rates and the government shutdown, which made it difficult for accountants to get answers to help people prepare income tax returns.

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December 2018 Monthly Consumer Update: US, UK and China

Retail Sales:
The U.S. government
shutdown means that
December retail sales figure
are not yet available. In
November, year-over-year
growth in retail sales
excluding automobiles and
gasoline remained broadly
stable at 5.1%.
In November, grocery store
sales were up 3.0% and
clothing store sales up were
4.1%; department store sales
were down 0.2% year over
year.

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