In October, the local government revenues of the Municipality amount to RMB 29.27 billion, RMB 21.4 billion or 7.9% higher than the previous year, in which the Municipal-level revenues amount to RMB 15.74 billion, RMB 1.15 billion or 7.9% up from the previous year. Among the major revenue items, VAT increases by 9%, business tax rises by 6.9%, corporate income tax is down by 7.6%, personal income tax is up by 16.2%, and contract tax increases by 34.5%.

So far this year, the growth of local government revenues of the Municipality starts high and levels off or even declines later. The total local government revenues of the Municipality from January to October amount to RMB 253.88 billion, a rise of 14.8% annually.