Full text: Report on China's central, local budgets(2)

1. Implementation of Public Finance Budgets

National revenue totaled 10.374001 trillion yuan, an increase of 24.8% over 2010 (here and below). Adding the 150 billion yuan from the central budget stabilization fund, utilized revenue totaled 10.524001 trillion yuan. National expenditure amounted to 10.892967 trillion yuan, up 21.2%. Adding the 289.2 billion yuan used to replenish the central budget stabilization fund and the 191.834 billion yuan of local government expenditure carried forward to 2012, national expenditure came to 11.374001 trillion yuan. Total national expenditure therefore exceeded total national revenue by 850 billion yuan.

Breaking them down, central government revenue amounted to 5.130615 trillion yuan, 111.9% of the budgeted figure and an increase of 20.8%. The central budget stabilization fund contributed 150 billion yuan, bringing the total revenue used by the central government to 5.280615 trillion yuan. Central government expenditure amounted to 5.641415 trillion yuan, 103.8% of the budgeted figure and an increase of 16.7%. This consists of 1.651419 trillion yuan of central government spending, up 3.3%, and 3.989996 trillion yuan in tax rebates and transfer payments to local governments, an increase of 23.4%. Adding the 289.2 billion yuan used to replenish the central budget stabilization fund, central government expenditure totaled 5.930615 trillion yuan. Total expenditure exceeded total revenue, leaving a deficit of 650 billion yuan, 50 billion less than the budgeted figure. The outstanding balance on government bonds in the central budget was 7.204451 trillion yuan at the end of 2011, which was under the budgeted limit of 7.770835 trillion yuan for the year.

Revenue collected by local governments came to 5.243386 trillion yuan. Adding the 3.989996 trillion yuan in tax rebates and transfer payments from the central government, local government revenue totaled 9.233382 trillion yuan, an increase of 26.6%. Local government expenditure amounted to 9.241548 trillion yuan, up 25.1%. Adding the 191.834 billion yuan carried forward to 2012, local government expenditure totaled 9.433382 trillion yuan. Total expenditure exceeded total revenue by 200 billion yuan.