Page 44 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2022 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2023

following: 156.799 billion yuan on general public services, down 0.7%; 54.836
billion yuan on diplomatic endeavors, up 12.2%; 1.5537 trillion yuan on national
defense, up 7.2%; 208.972 billion yuan on public security, up 6.4%; 155.479 billion

yuan on education, up 2%; 328.034 billion yuan on science and technology, up 2%;
132.878 billion yuan on stockpiling grain, edible oils, and other materials, up 13.6%;

and 723 billion yuan on debt interest payments, up 10.8%.
(2) A total of 10.0625 trillion yuan will be transferred to local governments, an
increase of 3.6%, or 7.9% after deducting one-time special transfer payments that

will be used to support primary-level governments in implementing tax and fee
cuts and ensuring key public wellbeing projects.

(3) A total of 50 billion yuan will be appropriated for central government
reserve funds, which is consistent with the figure for 2022. Depending on their use

in practice, utilized reserve funds will be recorded as either central government
expenditures or transfer payments to local governments.

2) Local general public budget
Revenue in the local general public budget is projected at 11.7135 trillion yuan,
up 7.6%. Adding in 10.0625 trillion yuan in transfer payments from the central

government and 1.178 trillion yuan transferred from other local sources and
utilized carryover and surplus funds, total revenue is expected to be 22.954 trillion

yuan. Expenditure in the local general public budget is projected at 23.674 trillion
yuan, up 5.2%. This will create a deficit of 720 billion yuan at the local level, the

same as 2022, which will be supplemented through the issuance of
general-purpose local government bonds.

3) National general public budget
Revenue in the national general public budget, combining the general public
budgets of both the central and local governments, is projected at 21.73 trillion

yuan, an increase of 6.7%. With the addition of 1.903 trillion yuan transferred from
other sources and utilized carryover and surplus funds, total revenue is calculated

at 23.633 trillion yuan. Expenditure in the national general public budget is
projected at 27.513 trillion yuan (including 50 billion yuan for central government

reserve funds), an increase of 5.6%. This will create a deficit of 3.88 trillion yuan, an
increase of 510 billion yuan compared with 2022.

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