Shanghai, China's largest economic and financial city, reported that its 1999 financial income reached 91.6 billion yuan, 12.5 percent more than in 1998.

State-owned sector, including automobile and high-tech industries, remained the major source of financial income of the city, sources said.

According to the city's latest statistics, the total tax revenues of the city reached 116.7 billion yuan, up 20.5 percent on the yearly basis. The increase was three percentage points more than the national average.

The stable economic growth provided a foundation for the rise of tax revenues this year, officials said, adding that another factor in this regard was the rise of the city's export trade which went up 22.2 percent over the 1998 figure.

The city's gross domestic product (GDP) increased ten percent in 1999, three percentage points more than the national average.

A major part of the tax revenues came from the overseas-funded enterprises and service industries, sources said. (Xinhua)