Beijing's fiscal revenue reached 543.08 billion yuan (US$83.71 billion) in 2017, an increase of 6.8 percent year-on-year, according to the Beijing Municipal Bureau of Finance.
Last year Beijing's fiscal revenue was 1.64 times of that of 2012 and accounted for an average annual growth of 10.4 percent. The municipal government enhanced the quality and efficiency of its investment as the scale of the revenue expanded. Enterprises in the six high-end industrial zones (Zhongguancun Science Park, Beijing Economic-Technological Development Area, Beijing Financial Street, Central Business District, Olympic Sports Center Area and Beijing Airport Economic Zone) contributed nearly 30 percent of the revenue. Further, high-tech companies contributed to 30 percent of the revenue increase, and revenue from consumer service industries and modern manufacturing industries were constantly on the rise.
With the revenue increase, the municipal government also spent more on people's wellbeing, with a number of projects including the renovation of urban areas, relocation of non-capital functions, as well as demolition of illegal constructions. The government renovated 1,484 roads and alleyways in its core areas. Moreover, the city began construction on 65,000 affordable houses, completed the construction of 90,000 affordable houses, and transformed and refurbished 46,000 households in shantytowns. Meanwhile, the government improved the elderly care service by establishing 230 senior care centers in residential communities and approving the building of 1,282 exercise grounds.
The municipal government also used its revenue on a series of measures to support the city's development. Last year, Beijing set up funds worth 20 billion yuan (about US$3 billion) to support scientific and technological innovation. The city's tax cuts helped to save companies 26 billion yuan, and cutbacks of government-managed funds and fee collection lifted more than 2.73 billion yuan of burden from enterprises and individuals. In addition, the government lowered the insurance payment for employees at enterprises, saving them another 7.2 billion yuan.
In 2018, Beijing aims to implement proactive fiscal policies and further improve macro-management by integrating policies on science and technology, finance, manufacturing, and regional economic sectors to ensure the city's healthy fiscal performance.