From Jan. to Sept. 2014, the local government revenues of Shanghai Municipality amount to RMB 372.17 billion, RMB 43.41 billion more than the previous year, which represents an annual rise of 13.2%.
During this period, the local government revenues have kept growing, although the growth rate is slightly lower. Given the sound development of modern services, the tertiary sector has served as a stronger contributor to the revenue growth. In terms of specific subsectors, banking, insurance, securities and other financial services, leasing and business services have better fulfilled their goals of contribution to local government revenues.