From January to September 2011, the local government revenues of Shanghai Municipality amount to RMB 280.98 billion, RMB 56.37 billion or 25.1% higher than the previous year. Among the major revenue items, VAT increases by 9.3%, business tax 13%, corporate income tax 26.5%, personal income tax 27.9% and other taxes 45.5%.

So far this year, while Shanghai Municipality enjoys steady and sustained economic growth, the consumption and services market continue to boom, and the Central Goverment imposes urban construction tax and education surcharge on foreign-invested enterprises (FIEs), and the Municipality actively puts the State's macro control policies for the real estate market into force, the local government revenues have risen very significantly. Due to the decline of real estate transactions, the rise of the cost of industrial enterprises, and the weakening of policy effects, the growth of local revenues have slowed down gradually.