Shenzhen government is expected to allocate more public money to parts of the city that were outside of the original Shenzhen Special Economic Zone (SEZ). Those districts remain comparatively underdeveloped, according to yesterday's Daily Sunshine.
The point was made in an audit of Shenzhen's budget implementation over the past six months submitted to the Standing Committee of Shenzhen Municipal People's Congress for review recently.
There have been calls for the city government to budget more for areas outside of the original SEZ, including Bao'an and Longgang districts and Longhua, Dapeng, Pingshan and Guangming new areas. Infrastructure and public facilities are not as good as those in Futian, Luohu, Nanshan and Yantian districts, which were in the original SEZ.
Zhang Yubiao, a deputy to the Municipal Peoples' Congress, has been advocating for more government support, including preferential policies, for the areas.
According to the audit, Shenzhen's public revenue ranks 11th nationwide with the second-highest growth rate among all Chinese provinces, regions and provincial-level municipalities, the Daily said.
Tang Shukui, the director of Shenzhen's finance commission, said the growth rate of the city's fiscal revenue was above 20 percent in the past six months, adding that Shenzhen's strategic emerging industries witnessed a rapid jump.
The data showed that Shenzhen's public revenue reached 140 billion yuan (US$22 billion) in the past six months, which is 58 percent of the annual target. The public budget expenditure was 93 billion yuan, accounting for 26 percent of this year's budget.
Manufacturing, finance, real estate and the wholesale-retail industries accounted for 70 percent of the total tax revenue in the past half year, while the manufacturing industry still dominated in tax collection.
The revenue of the real estate industry in Shenzhen increased by 13.4 percent, while the wholesale and retail tax revenue climbed by 14.1 percent in the past half year. As a result of the dynamic capital market, the revenue of the business service industry that involved stock investment and asset management also soared by 36 percent.