In October, the local government revenues of the Municipality amount to RMB 30.32 billion, RMB 1.06 billion or 3.6% higher than the previous year. Among the major revenue items, VAT increases by 6%, business tax rises by 10.2%, corporate income tax is down by 9.9%, and personal income tax is up by 1.6%. From January to October 2011, the local government revenues of the Municipality amount to RMB 311.3 billion, 22.6% higher than the previous year.

While the Municipality enjoys generally stable economic development, due to the continued slowdown of industrial production and profitability and the adjustment of personal income tax policy, however, the growth of Shanghai's local fiscal revenues has continued the gradual slowdown quarter by quarter.