Shenzhen's local general public budget revenue reached 587.9 billion yuan (US$90.77 billion) in the first half of 2021, exhibiting a positive growth of 20 percent year on year, sources from the Shenzhen Municipal Finance Bureau said Monday.
Specifically, the city’s local fiscal revenue stood at 235.25 billion yuan, 62 percent of the budget set at the beginning of the year.
The growth rate of the local fiscal revenue continued to maintain a double-digit growth, surging 15.8 percent year on year, which represents the city’s resilient high-quality economic development.
Compared with the same period in 2019 before the COVID-19 outbreak, Shenzhen’s local fiscal revenue rose by 10.3 percent, with an average growth of 5 percent in two years.
In the first half of 2021, Shenzhen contributed 31 percent of Guangdong Province’s total local fiscal revenue and 28 percent of the province’s local incremental fiscal revenue.
During the January-June period, Shenzhen’s local tax revenue reached 194.94 billion yuan, a year-on-year increase of 22.7 percent, higher than the provincial average. Tax revenue made up more than 80 percent of local fiscal revenue.
Looking at various taxes, the value-added tax that reflects the current economic activity increased by 15.7 percent on a yearly basis. The corporate income tax, which indicates businesses’ operating efficiency in the previous year and the first quarter of this year, rose 20.3 percent. Personal income tax grew by 29.7 percent year on year.
Shenzhen’s tertiary industry has posted a robust growth in tax contribution and contributed tax revenue of 311.47 billion yuan, a year-on-year increase of 28.9 percent.
The information technology service industry contributed 31.91 billion yuan in the city’s tax revenue, up 36.6 percent year on year, while the business services industry contributed 34.3 billion yuan in tax revenue, an increase of 35.5 percent compared with the same period last year.