City Tax Revenue from Vehicle Purchases Exceeds 200 Billion Yuan

City Tax Revenue from Vehicle Purchases Exceeds 200 Billion YuanCity revenues on taxes coming from vehicle purchases has already exceed more than 6 billion yuan showing a growth if 28 percent compared to 2012. The revenues coming from vehicle sales keep the city in third place among Chinese cities based on growth for the fourth consecutive year. 400,000 vehicles were sold last year in which 333,900 of these purchases came from individuals buyers.

The amount was higher compared to last year especially during the fourth quarter were rapid growth in vehicle sales were seen which experts say was attributed by discounts that were given that attracted buyers. Last year also saw an increase in freight vehicle sales as more than 19,000 freight vehicles were sold in 2012 generating 200 million yuan in tax revenue. Furthermore Shenzhen Mayor Xi Qin stated the city will not be restricting car purchase for now and even if the city has the second largest number of vehicles compared to any city in China and is suffering from heavy traffic congestion.

He said that the city will resort to economic means in regulating traffic problems instead of administrative means. Furthermore the city will be speeding up the construction of Metro projects and will rush to finish the 24 incomplete roads before the year ends.

Restrictions on car purchases have been proven effective in several cities such as Shanghai, Beijing, Guangzhou and Guiyang.

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