Page 46 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2022 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2023

be 294.8 billion yuan, a drop of 11.9%. This is primarily due to a fall in the net
profits of local SOEs in 2022. Adding in 4.455 billion yuan in transfer payments
from the central government state capital operations budget and 18.649 billion

yuan carried over from last year, total revenue is calculated at 317.904 billion yuan.
Budgetary expenditure of local government state capital operations is estimated at

176.404 billion yuan, an increase of 1.7%. A projected 141.5 billion yuan will be
transferred into the local general public budget.
Revenue in the state capital operations budgets of both the central and local

governments is projected at 535.84 billion yuan, down 5.8%. Adding in 27.541
billion yuan carried over from last year, the total budgetary revenue of state capital

operations nationwide is calculated at 563.381 billion yuan. Budgetary expenditure
of state capital operations nationwide is estimated at 346.881 billion yuan, up 2.2%.

A projected 216.5 billion yuan will be transferred into the general public budget.
7. Budgetary revenue and expenditure of social insurance funds for 2023

Budgetary revenue of the central government social insurance fund is
projected at 50.782 billion yuan, an increase of 35%, and expenditure from the fund
is estimated at 51.125 billion yuan, up 40.6%. Considerable increases in revenue

and expenditure are primarily attributable to some central departments
transferring from the local to the central level for social insurance. Taking unified

national management and regulation of funds into account, the budgetary deficit
of the central government social insurance fund will stand at 428 million yuan,

which will be supplemented by the year-end balance from 2022. The year-end
balance will total 12.384 billion yuan after the balance from 2022 has been rolled

over.
Budgetary revenue of local government social insurance funds is projected at
10.884881 trillion yuan, up 7.6%. Expenditure of these funds is estimated at

9.749719 trillion yuan, an increase of 7%. Taking unified national management and
regulation of funds into account, the budgetary surplus of local government social

insurance funds will be 1.135247 trillion yuan this year, and the year-end balance
will come to 12.601381 trillion yuan after the balance from 2022 has been rolled

over.
Counting both central and local government budgets, revenue of social

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