Beijing's general public budget revenue rose 10.1% year on year to 552.94 billion yuan ($77.32 billion) in the first 10 months of 2023, according to data released Wednesday by the Beijing Municipal Bureau of Finance.

Local tax revenue increased 11.6% to 475.39 billion yuan during the same period, making up 86% of the city's general public budget revenue.

Of the three major tax categories, value-added tax revenue played a significant role in this growth, surging 51.7% to 161.69 billion yuan. This increase reflects a gradual recovery in business operations and higher sales of products and services.

From January to October, the city's public budget spending reached 621.37 billion yuan, a 4.5% increase from the previous year. This year, Beijing focused on supporting post-disaster recovery and reconstruction, with spending on disaster prevention and emergency management rising 24.4% to 5.61 billion yuan.

In specific sectors, Beijing allocated 40.82 billion yuan, a 6.2% increase, to bolster science and technology development. This funding covers new research institutions, health care, information and communication, and other areas.

Additionally, the city raised its housing expenditure to 15.22 billion yuan, up 29.8%, to accelerate the renovation of old urban residential communities and the construction of affordable housing.

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