Local Revenue

 

December, 2010

In 2010, the local government revenues of the Municipality amount to RMB 287.36 billion, RMB 33.33 billion or 13.1% higher than the previous year, in which the Municipal-level revenues amount to RMB 139.32 billion, RMB 13.62 billion or 10.8% up from the previous year. Among the major items, VAT increases by 4.3%, business tax increases by 11.2%, corporate income tax increases by 25.8%, personal income tax increases by 13.3%, and contract tax increases by 7.1%.

The local government revenues this year show three features. Firstly, consumption and services play an obvious role in the growth of revenues. Local fiscal revenues from goods wholesale and retail, hospitality services, rental and lease, and business services increase by more than 20%. Secondly, the development of International Financial Center and International Shipping Center shows greater effects on the financial revenues of the Municipality. Revenues from the financial sector and shipping and other transportation services increase by 14.5% and 15% respectively. Lastly, industrial restructuring and profitability improvement promote revenue growth significantly. The revenues from manufacturing and other industrial sectors increase by 13%, 70% of which comes from the key industries such as automotive, petrochemicals, complete equipment and biomedicine.