Page 10 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2022 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2023

interest income earned from centrally-regulated funds in 2021. In addition, 8.2
billion yuan of surplus funds were also used to address special difficulties faced by
a portion of localities in the area of old-age insurance. Taking that into account,

expenditure of the central government social insurance fund in 2022 exceeded
revenue by 7.017 billion yuan, leaving a year-end balance of 12.812 billion yuan.

Revenue and expenditure of local government social insurance funds reached
10.114678 trillion yuan and 9.108959 trillion yuan, respectively. Taking account of
the above-mentioned shortfall of 85 million yuan and 8.2 billion yuan allotted from

the central government social insurance fund, the year-end balance totaled
11.466134 trillion yuan after the surplus for 2022 of 1.014004 trillion yuan was

rolled over. Provinces in central and western regions and in the northeastern
region and other parts of the country where old industrial bases are located

benefited from the allocation of these funds to the sum of 244.044 billion yuan.
At the end of 2022, outstanding central government debt was 25.869276 trillion

yuan, which was within the NPC-approved budgeted limit of 26.700835 trillion
yuan. We stayed within the approved limit primarily by issuing fewer treasury
bonds and easing the burden of interest payments based on both the scale of

treasury funds and market trends, while still ensuring expenditure needs were met.
Outstanding local government debt totaled 35.0651 trillion yuan, which included

14.394469 trillion yuan of general debt and 20.670631 trillion yuan of special debt.
This figure was also within the NPC-approved budget limit of 37.64743 trillion

yuan. This was mainly because some local governments used budgetary funds to
clear part of their outstanding debts.

5. Implementation of the main fiscal and tax policies and other major fiscal work in
2022
In 2022, finance departments conscientiously implemented the decisions and

plans of the Party Central Committee and the State Council, adhered to the Budget
Law and its implementation regulations and the Guidelines on People’s

Congresses Expanding the Focus of Budget Review and Oversight to Expenditure
Budgets and Policies, and worked as required by the outcomes of the NPC’s

deliberations and their comments on the budgets. We remained committed to
enhancing the efficiency of our proactive fiscal policy with a greater focus on

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