Shenzhen 2010 Fiscal Revenue Estimated to Top CNY100bn

Shenzhen, an economically developed city in southern China, would record CNY 101.6 billion in general budgeted revenue in 2010, gaining by 15.3 percent from last year or exceeding CNY 100 billion for the first time, the local finance commission predicates.

The city racked up CNY 73.4 billion general budgeted revenue in the first eight months this year, rising by 16.8 percent over the period of last year. Local tax revenue increased by 14.8 percent, accounting for 92 percent of the fiscal revenue. In addition, non-tax revenue has been more than the total planned for the entire year.

Expenditures for January-August period expanded by almost 40 percent from the previous year. Up to CNY 930 million of the CNY 1.33 billion revenue that are available for expenses will be used to bolster economic and industrial development, which include implementing financial industry policies and giving CNY 705 million in subsidy to Ping An life insurance unit, Guosen Securities, Taiping Insurance, the Ming An Insurance and other financial companies.