Full text: Report on China's central, local budgets(26)

Overview of the central budget stabilization fund

The fund had a balance of 87.8 billion yuan at the beginning of 2011. During budget implementation, it was replenished with surplus revenue and unspent budgeted expenditure, giving a total increase of 289.2 billion yuan. The outstanding balance of the fund stood at 377 billion yuan at the end of last year. After the transfer of 270 billion yuan to the budget at the start of 2012, 107 billion yuan remains.

2) Main items provided for in local budgets

Main revenue items

Revenue from domestic VAT will reach 664 billion yuan, up 10.9%; from business tax, 1.482 trillion yuan, up 9.7%; from corporate income tax, 755 billion yuan, up 12%; from individual income tax, 226.7 billion yuan, down 6.4%; from urban construction and maintenance tax, 292 billion yuan, up 12%; from deed transfer tax, 305 billion yuan, up 10.4%; and non-tax revenue, 1.2485 trillion yuan, up 10.1%.

Main expenditure items

The appropriation for education is 1.790024 trillion yuan, up 18.4%; for science and technology, 211.03 billion yuan, up 13.2%; for culture, sports and media, 197.15 billion yuan, up 15.9%; for medical and health care, 726.46 billion yuan, up 15.4%; for social security and employment, 1.236729 trillion yuan, up 16.2%; for guaranteeing adequate housing, 402.4 billion yuan, up 15.2%; for agriculture, forestry and water conservancy, 1.081678 trillion yuan, up 14.2%; for urban and rural community affairs, 858.605 billion yuan, up 12.4%; and for transportation, 779 billion yuan, up 9.1%. The above expenditures include appropriations of local governments using tax rebates and transfer payments from the central government.

Local revenue and expenditure budgets are compiled by local people's governments and subject to approval by people's congresses at their respective levels.