Page 4 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2022 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2023

carryover and surplus funds in a timely manner. We better allocated funds from
the treasury, acted in strict compliance with belt-tightening requirements, and thus
ensured spending on key areas such as securing people’s wellbeing. In addition,

continued efforts were made to tighten fiscal discipline. The national budget over
the past year was executed largely in line with the conditions of economic

development, and the central government’s revenue and expenditure were
consistent with budget projections, with actual expenditure slightly lower than the
budgeted figure. We therefore provided essential fiscal support for effectively

responding to the Covid-19 epidemic while also promoting economic and social
development.

1. Revenue and expenditure in the general public budget in 2022
1) National general public budget

Revenue in the national general public budget was 20.370348 trillion yuan,
representing 96.9% of the budgeted figure and an increase of 0.6% compared with

2021. Revenue included tax receipts of 16.661396 trillion yuan, a decrease of 3.5%,
and non-tax revenue of 3.708952 trillion yuan, an increase of 24.4%. This was
mainly due to the fact that idle state-owned resources and assets were put to use,

and revenue from the compensated use of them increased considerably. With the
addition of 2.4541 trillion yuan of funds transferred from budget stabilization

funds, budgets of government-managed funds, and budgets of state capital
operations as well as utilized carryover and surplus funds, total revenue reached

22.824448 trillion yuan.
Expenditure in the national general public budget was 26.060917 trillion yuan,

representing 97.6% of the budgeted figure and an increase of 6.1%. With the
addition of 118.531 billion yuan used to replenish the Central Budget Stabilization
Fund and 15 billion yuan transferred to budgets of government-managed funds,

total expenditure reached 26.194448 trillion yuan. Total expenditure exceeded total
revenue, leaving a deficit of 3.37 trillion yuan, which is consistent with the figure

projected.
2) Central general public budget

Revenue in the central government’s general public budget was 9.488498
trillion yuan, representing 100% of the budgeted figure and an increase of 3.8%.

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