Shenzhen's local general public budget revenue reached 291.6 billion yuan (US$43.44 billion) during the January-September period, posting a modest positive growth of 0.7 percent, Shenzhen Special Zone Daily reported yesterday.
The cumulative growth rate of the city’s general public budget revenue in the first nine months has changed from negative to positive, the report said.
In the first three quarters, the growth rates of the city’s fiscal revenue in each quarter were -12.8 percent, 2.9 percent and 15.2 percent, respectively, showing a V-shaped bullish reversal.
From January to September, Shenzhen’s general public budget expenditure amounted to 309.4 billion yuan, a decrease of 7.1 percent, according to official data.
Efforts were made to reduce nonurgent and nonrigid expenditures, and to effectively guarantee expenditures in key areas such as epidemic prevention and control, basic living needs and government investment.
Meanwhile, 63.1 billion yuan of local government bonds and direct funds from the Central Government was used during the period.
The city has upheld a proactive fiscal policy since the beginning of this year to blunt the effect of the COVID-19 pandemic.
Meanwhile, the local government has implemented a series of tax and fee reduction policies to bolster resumption of work and production.
In line with various national policies, Shenzhen reduced taxes and fees by 75 billion yuan from January to September, of which 23.8 billion yuan of taxes was reduced and 51.2 billion yuan in fees was slashed.
The Shenzhen Municipal Finance Bureau has also rolled out 16 phased policies to help enterprises tide over hard times, and strengthen budget balancing to mitigate the adverse impact of the pandemic on fiscal revenue growth.
Non-tax revenue also makes an important contribution to the positive growth of fiscal revenue. From January to September, Shenzhen’s non-tax revenue reached 64.9 billion yuan, up 13.9 percent and driving a 7.2-percent increase in fiscal revenue in the same period.