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Shanghai financial sector records rapid tax growth
(Xinhua)
Updated: 2004-04-28 14:23

The banking, insurance and securities sectors in Shanghai, the largest financial hub in East China, performed well in the first quarter with impressive growth in their tax revenues, thanks in part to business expansion.

The three sectors paid 5.7 billion yuan (US$686.7 million) in taxes in the January-March period, more than doubling the year-earlier level of 2.79 billion yuan (US$336.14 million), according to statistics provided by the municipal fiscal bureau.

Bureau analysts said that more bank loans, property insurance expansion buoyed by auto buying spree and a robust equity market conspired towards the tax growth for the three financial sectors.

The banking sector's taxes rose 15 percent year-on-year to 1.188 billion yuan (US$143.1 million) in the first quarter, including 698 million yuan (US$84.1 million) in business tax, the bureau said.

The insurance sector handed in taxes of 240 million yuan (US$28.9 million) in the first quarter, up 92 percent over the same period of last year.

The securities sector registered nearly four billion yuan (US$481.9 million) in stamp tax and 280 million yuan (US$33.7 million) in the first quarter, up 160 percent and 150 percent respectively year-on-year, the bureau added.

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