Shenzhen's finance commission said the city's fiscal revenue grew 11 percent year-on-year to reach 450.2 billion yuan (US$72 billion) in 2012.

2012 was the city's 32nd consecutive year of seeing a slight financial surplus, Shenzhen Economic Daily reported yesterday.

The city's local fiscal revenue last year grew by 10.6 percent from 2011, to hit 148.2 billion yuan.

Tax revenue accounted for 90 percent of the city's public fiscal revenue, the paper said.

Among the dominant taxpayers were high-tech, finance, service and strategic emerging industries, indicating a stable tax source structure.

Last year's fiscal expenditures favored areas concerning residents'well-being. A total of 51.8 billion yuan was spent on education, medical care, social security, employment and subsidized housing, creating a 14-percent spending increase from 2011 in those areas.

(Source: Shenzhen Daily)