Beijing's fiscal revenue reached 486.62 billion yuan ($68.32 billion) in the first nine months of 2024, up 1.7% from the previous year, according to data the Beijing Municipal Finance Bureau released on Oct. 30.

The growth reflects the capital's stable economic performance and improving development quality.

A breakdown of the revenue data shows that local-level tax revenue in Beijing totaled 410.21 billion yuan, representing a 0.5% year-on-year increase, while non-tax revenue rose 8.8% to 76.41 billion yuan.

Among the major tax categories, value-added tax generated 147.16 billion yuan, increasing 5% from the previous year. Corporate income tax revenue reached 118.44 billion yuan, down 0.3%, while personal income tax declined 4% to 56.75 billion yuan.

On the expenditure side, Beijing has maintained a high level of fiscal expenditure, focusing on key areas of economic and social development. The city's general public budget expenditure rose 7.2% to 626.06 billion yuan during the same period.

Education spending increased 4.8% to 91.05 billion yuan, while science and technology funding grew 4.9% to 42.12 billion yuan.

Social security and employment spending rose 6.6% to 96.88 billion yuan, while expenditure for urban and rural communities increased 10.5% to 73.65 billion yuan.

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