Beijing reaped 74.45 billion yuan (about 9 billion US dollars) of financial revenue in 2004, up 29.7 percent from 2003, the municipal financial bureau announced Saturday.

"In 2004, the Beijing municipal government poured huge investment in infrastructure construction and environmental protection and at the same time, the sound investment environment has kept drawing fund from both at home and abroad, which laid a solid foundation for stable economic growth and the rise of tax revenues," said an official with the bureau.

According to the city's latest statistics, the total local tax revenues of Beijing in 2004 reached 71.75 billion yuan, up 26.6 percent on a yearly basis, accounting for more than eight percent of the country's total local tax revenues.

The industries of service, real estate, construction and finance are the major contributors of Beijing's tax revenues, accounting for 72.7 percent of capital's total tax income, according to the municipal taxation bureau.

(Xinhua News Agency January 2, 2005)