Graphics shows the budgetary balance of Chinese central government finances for 2013, according to the report on the implementation of central and local budgets in 2012 and on draft central and local budgets for 2013, which was submitted for review on March 5, 2013 at the first annual session of the 12th National People's Congress and was adopted on March 17. (Xinhua/Gao Wei)
The following is a breakdown of main items in the central budget in 2012:
1) Main revenue items
Domestic VAT revenue was 1.967847 trillion yuan, 97.2% of the budgeted figure. This shortfall was mainly due to small increases in the value-added of industry and the CPI. Domestic excise tax revenue was 787.214 billion yuan, 102.2% of the budgeted figure; revenue from VAT and excise tax on imports amounted to 1.479641 trillion yuan, 99.7% of the budgeted figure; and revenue from customs duties came to 278.274 billion yuan, 103.4% of the budgeted figure. Corporate income tax revenue was 1.208218 trillion yuan, 108.7% of the budgeted figure. It exceeded the budgeted figure largely because actual corporate income tax revenue for 2011 exceeded estimates on which tax was collected that year, with the remainder paid in 2012. Individual income tax revenue was 349.261 billion yuan, 102.7% of the budgeted figure; VAT and excise tax rebates on exports came to 1.042888 trillion yuan, 104.8% of the budgeted figure; and non-tax receipts totaled 284.878 billion yuan, 100.8% of the budgeted figure.
Central government revenue exceeded the budgeted figure by 21.242 billion yuan in 2012. Of this, 2.827 billion yuan from surplus vehicle purchase tax revenue was used to increase spending on highway construction as required by relevant regulations, and the remaining 18.415 billion yuan was used to replenish the central budget stabilization fund for future budgetary purposes.
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