Figure 3.
The line graph plots year from 2013 to 2023 on the horizontal axis and enterprise E T R level from about 0.360 to 0.405 on the vertical axis. Four series represent non-state enterprises, state-owned enterprises, manufacturing industry and non-manufacturing industry. State-owned enterprises remain highest throughout, rising from about 0.385 in 2013 to about 0.404 in 2023, with a small decline around 2016 and a sharp rise by 2018. Non-state enterprises increase from about 0.375 in 2013 to about 0.393 in 2023, with a slight dip around 2016 and a stronger rise from 2019 to 2020. Manufacturing industry rises from about 0.377 in 2013 to about 0.397 in 2023, with a small decline around 2016 and continued growth after 2019. Non-manufacturing industry remains lowest, rising from about 0.370 in 2013 to about 0.387 in 2023, with a dip around 2016 and a sharp increase between 2019 and 2020.ETR trends in enterprises with different ownership structures and industries