Shanghai Collects 100 Million Yuan in Interest Tax

China's largest economic center has collected nearly 100 million yuan in interest tax since the country introduced this tax last November.

The figure reached nearly 94 million yuan in the first quarter this year, according to the latest official statistics.

While the introduction of interest tax is aimed at increasing consumer spending, the savings deposits of Shanghai residents still increased by 10.24 billion yuan in the first month of this year, and their foreign-currency deposits also increased by US$ 370 million during the two-month period.

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