The latest statistics released by Guangzhou local tax authorities show that the city's local tax revenues in 2010 reached RMB 132.17 billion, accounting for nearly 30 percent of the provincial total. Of this amount, RMB 84.58 billion were taxes, representing a year-on-year growth of 14 percent. Guangzhou has ranked first among provincial cities and third among all major cities in the nation in terms of the growth of taxes and duties.
According to tax officials, in 2010, thanks to the recovery of the domestic and global economies and the stimulatory effects of the Asian Games, Guangzhou recorded GDP in excess of RMB 1 trillion, underpinning the foundation of local tax revenue growth; however, a series of policies introduced by national, provincial and municipal authorities to cool down the property market and to provide tax incentives, to a certain extent, affected local tax revenues.
Source: english.gz.gov.cn
