Taicang received a record breaking 1.02 billion yuan ($155 million) in personal income tax in 2015, according to the local taxation bureau.

Statistics show that Taicang's personal income tax increased 17.42 percent or 152 million yuan from the year before. According to Taicang Daily, this growth is attributable to gradually increasing salaries and rapidly growing property incomes among individual residents of Taicang.

Urban residents accounted for 715 million yuan of personal income tax revenues, an increase of 21.39 percent or 126 million yuan over the year before.

One official from the taxation bureau said that during the 12th Five-Year Plan period (2011-2015), Taicang's GDP grew 9.8 percent annually and reached 100 billion yuan. As enterprise revenues were growing, profitable business operations contributed to increases in employees' salaries.

Urban residents' personal disposable income increased 8.2 percent to reach 50,180 yuan in 2015. High income groups were expanding rapidly. Fewer than 10,000 individuals received annual income of more than 120,000 yuan in 2012. In 2014, the number of individuals with annual income of more than 120,000 yuan was 12,900.

Thirty percent of the personal income tax generated from property income.

Eight Taicang enterprises went public in Hong Kong and mainland stock exchange markets in 2015. Profits made through equity transfer became a strong element of personal income. Corporate profit distribution, including interest, dividends and bonuses, was another contributing factor in personal income growth.

Rentals and appreciation of property values also propelled the growth in personal income.

Edited by Peter Nordlinger