Shanghai Private Firms Become Big Taxpayers

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Last updated at: (Beijing Time) Monday, August 12, 2002

Shanghai Private Firms Become Big Taxpayers

The private sector in Shanghai, China's leading industrial center, has become an increasingly big taxpayer, contributing one third of the city's tax income each year.

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The private sector in Shanghai, China's leading industrial center, has become an increasingly big taxpayer, contributing one third of the city's tax income each year.

According to the Shanghai Municipal Agricultural Commission, private firms in rural Shanghai have paid 8.5 billion yuan (1.03 billion US dollars) in tax annually in the past few years. Their annual industrial output topped 60 billion yuan (7.3 billion dollars). Both their tax and industrial output made up one third of the total volume in rural Shanghai.

In the first six months of this year, the industrial output generated by Shanghai's private firms surged 38 percent on a year-on-year basis and tax paid by them rose 30 percent.

Feng Guoqin, Vice-Mayor of Shanghai, predicted that private sector business would expand in other parts of the country. Ownersof private firms from Zhejiang Province intended to take advantageof Shanghai's role as an industrial center to open more outlets inand outside China.

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