The Finance Bureau of Chenzhou City in southern Hunan convened the meeting on financial work on Dec. 31, 2010. It was revealed that in 2010, the total fiscal revenue of Chenzhou exceeded 10 billion yuan for the first time.

In 2010, Chenzhou made full use of the leverage of fiscal funds and financial and tax policies to increase its revenue. The city raised 4.4 billion yuan of funds through the national bonds, special funds of central and provincial governments, the bonds and funds of local governments, as well as non-governmental capitals. The funds were allocated to 154 key urban infrastructure construction projects, making the real estate, commerce and trade, tourism and other tertiary industries undergo a rapid development. In 2010, the tax from real estate hit 400 million yuan, an increase of 92.3% over the previous year and becoming the main contributor to the city’s revenue. Another 92 million yuan was used to undertake industrial modernization and guide the development orientation of industry. As a result, 338 enterprises such as Fuji Elevator Co., Ltd. were newly introduced in the city, increasing the revenue by 170 million yuan.

Besides, the city accelerated the transformation and up-gradation of traditional industries to create new growth point for high-quality source of revenue. Through launching the program of "New Industrialization Year", the city constructed 102 industrial projects with each worth over 50 million yuan.

Translator: Zhou Jingqi