Shanghai's Revenue Increased Nearly 30 Percent

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Last updated at: (Beijing Time) Friday, January 03, 2003

Shanghai's Revenue Increased Nearly 30 Percent

China's bustling metropolis of Shanghai reports record revenue of 71.95 billion yuan (8.67 billion US dollars) in 2002, a year-on-year rise of 29.9 percent.

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China's bustling metropolis of Shanghai reports record revenue of 71.95 billion yuan (8.67 billion US dollars) in 2002, a year-on-year rise of 29.9 percent.

Reliable sources from the Shanghai tax department say that last year's successful economic restructuring meant an improved economic situation and increase in tax revenue.

Shanghai generated 144.77 billion yuan (17.4 billion US dollars) in total tax in 2002. Corporate income tax rose by 16.6 percent to18.17 billion yuan (2.19 billion US dollars) and individual income tax was 13.41 billion yuan (1.62 billion US dollars), up by 41 percent.

Highlighting the fast development of the non-state-owned economy, the sources said that tax revenue from this sector exceeded 35 billion yuan (4.22 billion US dollars), more than fivetimes that of the previous year.

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