Page 43 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2022 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2023

and industry and deepen military-civilian integration, so as to consolidate our
national defense and develop a strong people’s military. We will provide better
services and support for ex-service personnel and improve the mechanism for

dynamically adjusting subsidies and living allowances for entitled groups. We will
advance major-country diplomacy with Chinese characteristics on all fronts,

deepen financial and economic exchanges and cooperation with other countries,
actively participate in global economic governance, support high-quality Belt and
Road cooperation, and promote high-standard opening up. We will work to

deepen comprehensive and integrated reform of the judicial system, continue the
ongoing efforts to combat and root out organized crime, take a holistic approach to

ensuring law and order, and enhance public legal services and legal aid, so as to
advance the Peaceful China Initiative to a higher level.

4. General public budgetary revenue and expenditure for 2023
1) Central general public budget

Revenue in the central government’s general public budget is projected at
10.0165 trillion yuan, up 5.6% over the actual figure in 2022. Adding in 150 billion
yuan from the Central Budget Stabilization Fund and 575 billion yuan from the

budgets of central government-managed funds and central government state
capital operations, total revenue is expected to be 10.7415 trillion yuan.

Expenditures in the central general public budget are projected to be 13.9015
trillion yuan, an increase of 4.7%. Total expenditure will exceed total revenue,

leaving a deficit of 3.16 trillion yuan, 510 billion yuan higher than in 2022, which
will be supplemented through the issuance of government bonds.

Expenditures in the 2023 central general public budget comprise central
government expenditures, transfer payments to local governments, and payments
to central government reserve funds.

(1) Central government expenditures are projected at 3.789 trillion yuan, an
increase of 6.5%. In compliance with belt-tightening requirements, expenditures in

central departments will see an increase of 0.8%, which will mainly be spent on
areas like education, science, and technology. This does not include central

government spending on national reserves, on issuance and interest payments of
government bonds, and on national defense. The main expenditures include the

42