SHANGHAI: The Shanghai municipal government's revenue jumped 31.38 percent to 210.06 billion yuan ($27 billion) last year, thanks to the increase in corporate earnings and continuous economic growth.

Income tax generated by companies and individuals rose 53.13 percent and 29.3 percent, while business tax increased 27.91 percent, according to Shanghai municipal taxation department figures.

"The large increase in foreign trade and domestic demand led to the rapid growth of corporate earnings," Orient Securities analyst Zhang Yang said.