Page 5 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2022 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2023

Adding in 276.5 billion yuan from the Central Budget Stabilization Fund and 990
billion yuan from the budgets of central government-managed funds and central
government state capital operations, total revenue came to 10.754998 trillion yuan.

Expenditure in the central government’s general public budget totaled
13.271467 trillion yuan, representing 99% of the budgeted figure and an increase of

13.3%, mainly due to the increased transfer payments to local governments. This
figure includes: central government expenditures of 3.556992 trillion yuan,
representing 100% of the budgeted figure and a 3.9% increase; and transfer

payments to local governments of 9.714475 trillion yuan, representing 99.2% of the
budgeted figure and an increase of 17.1% (or 6.8% after deducting one-time special

transfer payments to support primary-level governments in implementing tax and
fee cuts and ensuring key public wellbeing projects). With the addition of 118.531

billion yuan contributed to the Central Budget Stabilization Fund and 15 billion
yuan transferred to the budget of central government-managed funds, total

expenditure reached 13.404998 trillion yuan. Total expenditure exceeded total
revenue, leaving a deficit of 2.65 trillion yuan, which is consistent with the figure
projected.

Main revenue items in the central government’s general public budget: Domestic
VAT revenue was 2.425505 trillion yuan, 77.1% of the budgeted figure. This was

primarily due to the larger decrease in revenue as a result of the intensified
application of the VAT credit refund policy. Domestic excise tax revenue reached

1.669881 trillion yuan, 111.6% of the budgeted figure, mainly because of higher
taxes on refined oil products, cigarettes, and other products. Corporate income tax

revenue was 2.786645 trillion yuan, 97.4% of the budgeted figure. Individual
income tax revenue was 895.377 billion yuan, 96.8% of the budgeted figure.
Revenue from customs duties totaled 286.029 billion yuan, 98% of the budgeted

figure. Revenue from VAT and excise tax on imports came to 1.999478 trillion yuan,
109.9% of the budgeted figure, primarily due to higher prices for imported

commodities and better-than-expected growth of imports in general trade.
Main expenditures in the central government’s general public budget: General public

service expenditures reached 157.854 billion yuan, 104.7% of the budgeted figure.
Diplomatic spending totaled 48.883 billion yuan, 97.2% of the budgeted figure.

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