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Shenzhen’s financial industry surges

Shenzhen’s financial industry had a strong first half, with growth across every major sector posting double-digit gains. 

The only area that didn’t see strong growth was the one that the government didn’t want to see grow strongly: its own. The city’s tax revenue from the financial industry rose just 2% to reach RMB89.4 billion, thanks to a series of tax reforms that reduced tax bills across the city. Still, finance accounted for 24.8% of the city’s total tax revenues and is still the leading contributor to the city’s coffers.

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