It is of great significance to review and analyze the financial development history of Shanghai and Shenzhen in the past 25 years. First of all, finance is a reflection of economic development, and the status of fiscal development can better indicate the differences in economic development paths of metropolitan economies. Secondly, we can briefly analyze the impact of tax-sharing reform on developed areas. Thirdly, as typical metropolitan economies, Shanghai and Shenzhen have their own unique financial development and contribution to national finance. Regarding the regional total fiscal revenue indicator, the relative gap between Shanghai and Shenzhen's total fiscal revenues is pretty consistent with their 25-year economic development trends. In terms of regional macro tax burden indicator, the trend of Shenzhen's macro tax burden is similar to that of Shanghai, but there exist a gap of roughly 20% between Shenzhen and Shanghai, which means that Shenzhen's macro tax burden is lower than that of Shanghai. Concerning the regional available financial indicator, Shanghai's financial pressure to provide public services is higher than Shenzhen's. And when it comes to the country's fiscal contribution rate indicator, Shanghai is about twice that of Shenzhen, and moreover, the tax-sharing system reform has little impact on Shanghai's fiscal contribution rate, while has a greater impact on Shenzhen's fiscal contribution rate.
