Shanghai Growth in Tax Revenue EncouragingThe first quarter of the new millennium saw a momentum of healthy, stable, sustainable growth in Shanghai's economy. The tax revenue achieved in Shanghai totaled 27.334 billion yuan, a rise by 46.87% as compared to the same period of last year.Stimulated by various good news showing favorable policies and economic situation, the security market in Shanghai was vigorous in the first quarter of this year. With the stamp tax of security transaction paid by individual and institutional investors amounting to 7.449 billion yuan, it is a rise of 5.4 times as against the same period of last year. The business volume of financial and insurance industry soars up quickly with the business tax paid reaching 1.24 billion yuan, a growth by 10% whereas the growth rate of the same period of last year was 10% in the red. The holiday consumption in New Year Day and Spring Festival stirred up the residents' fervor of consumption. The introduction of the new mode of marketing such as online sales of 85818 has spurred up the "Holiday Economy"; the multifarious city nightlife brought the ratio of the consumption in the evening up to one half or even more than that of the whole day. The commercial enterprises across Shanghai paid value-added tax of 2.411 billion yuan during the first quarter, a rise by 18% as against the same period of last year. With the increase in demand by domestic and foreign market on the intermediary products, such as chemical and steel the tax revenue from some key products grows steadily, the value-added tax derived from industrial enterprises increased 0.2 billion yuan, a growth of 22.8% as against last year. |
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