In August, the local government revenues of the Municipality amount to RMB 17.51 billion, RMB 0.89 billion or 4.9% lower than the previous year, in which the Municipal-level revenues amount to RMB 7.71 billion, RMB 0.38 billion or 4.7% down from the previous year. Among the major revenue items, VAT increases by 12.7%, business tax decreases by 13.3%, corporate income tax drops 23.6%, personal income tax is up by 3.2% and contract tax is down by16.9%.

From January to August, the total local government revenues amount to RMB 206.56 billion, RMB 32.08 billion or 18.4% higher than the previous year, in which Municipal-level revenues amount to RMB 100.16 billion, RMB 15.34 billion or 18.1% up from the previous year. Among the major revenue items, VAT increases by 4.8%, business tax increases by 18.3%, corporate income tax is up by 39.1%, personal income tax rises by 12.5% and contract tax rises by 14.8%.

The local government revenues of the Municipality enjoy a fast growth in H1 2010, owing to the fact that its economy recovers and the base figure of the previous year is small. In H2, especially since August, the growth of revenues slows down obviously as the base figure of the previous year rises month by month.