From Jan. to Nov. 2011, the local government revenues of Shanghai Municipality amount to RMB 328.6 billion, RMB 56.31 billion or 20.7% higher than the previous year. Among the major items, VAT decreases by 8.5%, business tax increases by 11.6%, corporate income tax grows by 20.5%, and personal income tax increases by 23%. 

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