Page 47 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2022 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2023

insurance funds nationwide is calculated at 10.935663 trillion yuan, an increase of
7.7%. This includes 7.997428 trillion yuan in insurance premiums and 2.494982
trillion yuan in government subsidies. Budgetary expenditure of social insurance

funds nationwide is expected to total 9.800844 trillion yuan, up 7.2%. With a
projected surplus of 1.134819 trillion yuan, the year-end balance will be 12.613765

trillion yuan after the balance from 2022 has been rolled over.
In 2023, the ceiling for central government debt is 29.860835 trillion yuan; the
ceiling for local government general debts is 16.548922 trillion yuan; and the ceiling

for local government special debts is 25.618508 trillion yuan.
It should be noted that as local budgets are formulated by local people’s

governments and submitted for approval to the people’s congresses at their
respective levels, the relevant data is still being compiled. All projected figures for

local revenue and expenditure in this report have been compiled based on the
preliminary calculations of the central finance authorities.

In accordance with the Budget Law, after the beginning of a new budget year
and prior to the approval of that year’s draft budgets by the NPC, arrangements
may be made for the following expenditures: carryover expenditures from the

previous fiscal year; basic and project expenditures of government departments
and transfer payments to lower-level governments that must be made in the

current year, on the basis of budgetary expenditure amount for the corresponding
period in the previous year; expenditures mandated by law; and expenditures for

dealing with natural disasters and other emergencies. In line with the above
stipulations, expenditures in the central general public budget totaled 1.7904

trillion yuan in January 2023, including 199.5 billion yuan in expenditures at the
central level and 1.5909 trillion yuan in transfer payments to local governments.

III. Fiscal Reform and Development in 2023

1. Ensuring strict compliance with the Budget Law and its implementation regulations
We will rigorously execute the budgets approved by the NPC. Spending on

items not included in budgets will be forbidden, and adjustments to budgets will
be strictly regulated. We will speed up budget implementation and improve

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