Guangdong, Jiangsu, Shanghai Top First Half Revenue Postings, Showing Shift to Service Sector
Yicai Global
/SOURCE : Yicai
Guangdong, Jiangsu, Shanghai Top First Half Revenue Postings, Showing Shift to Service Sector

(Yicai Global) Aug. 8 -- Guangdong, Jiangsu and Shanghai led the nation in total revenues and revenue growth among the 28 provincial-level governments posting public budgets for the first half of the year, Yicai Global has learned. Guangdong (USD82 billion (CNY544 billion)), Jiangsu (CNY452 billion) and Shanghai (CNY 420 billion) stayed in the top three slots per general revenues, the growth rates of which hit 31 percent and 18 percent in Shanghai and Guangdong, soaring above the 7 percent national average. The outstanding revenue performance and growth in Shanghai and Guangdong came mainly thanks to a mature local tertiary sector, with value added in Shanghai's services making up 71 percent of its gross domestic product, up 3.7 percent year-on-year. The financial, leasing, commercial services and real estate sectors greatly boosting the city's fiscal levels.

On the flip side, heavy industry powerhouse Liaoning province and coal-rich Shanxi again conceded negative growth, continuing last year's cooling trend, with Liaoning dropping CNY119 billion and Shanxi CNY85.69 billion, down 19 percent and 7.4 percent respectively from a year ago. Seven other provinces also came in with revenues under CNY100 billion in the first half.

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