Shenzhen’s fiscal revenue exceeded 1 trillion yuan (US$156.99 billion) in 2021, the Shenzhen Municipal Finance Bureau said Sunday.
Data showed that the general public budget revenue in Shenzhen reached 1.11 trillion yuan in 2021, up by 13.5% over the previous year.
This was the first time that Shenzhen’s revenue exceeded the 1-trillion-yuan benchmark, a historic breakthrough from less than 100 million yuan in 1979. The local general public budget income also exceeded the 400-billion-yuan benchmark for the first time, showing solid progress of the city’s financial strength.
Data also showed that the number of market entities in Shenzhen reached 3.8 million by the end of 2021, ranking first among Chinese cities, both in total number and startup density. The city’s fiscal income per square kilometer and taxpayer density also ranked first among Chinese cities. The fiscal income per square meter (excluding Shenshan Special Cooperation Zone) exceeded 550 million yuan.
The city’s finance and tax structure also showed a high-quality layout of 8868, which means the local tax revenue took up over 80% of the total revenue, tertiary sector tax income accounted for almost 80% of the total tax revenue, advanced manufacturing tax income took up more than 60% of the secondary industry, and modern service industry tax income accounted for over 80% of the tertiary industry, the report released by the city’s finance bureau showed.
In 2021, the city cut taxes and fees by 73.4 billion yuan. The city’s expenditure in livelihood projects in nine categories reached 319.73 billion yuan, up by 12.6% over the previous year, and accounting for 70% of the financial expenditure in 2021.