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The latest statistics from the Hubei Provincial Department of Finance show that from January to May of this year, Hubei's fiscal revenue achieved rapid growth, and the province’s total fiscal revenue reached 47.33 billion yuan, a year-on-year increase of 23.4%, and completed 43.2% of the annual task. The 1.5 percentage point over-progress rate laid the foundation for the first half of fiscal revenue to be “hard and hardâ€.
Since this year, Hubei has vigorously promoted the process of new-type industrialization and built a large number of backbone financial resources projects. The rapid and healthy economic development has laid a good foundation for the steady growth of fiscal revenue. Four kinds of tax revenues such as value-added tax, business tax, corporate income tax, personal income tax, etc. have been accelerating. The increase in tax revenues from companies such as Wuhan Iron & Steel Group, Jingmen Petrochemical, Dongfeng Motor Corporation, and Wuyan Group has provided a strong impetus for the province's fiscal revenue growth. The 17 provinces and cities across the province have achieved rapid growth in fiscal revenue, and the increase rates in Yichang, Enshi, Jingmen and Tianmen are all above 35%.