Page 2 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2020 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2021

Esteemed Deputies,

The Ministry of Finance has been entrusted by the State Council to submit this
report on the execution of the central and local budgets for 2020 and on the draft
central and local budgets for 2021 to the present Fourth Session of the 13th

National People’s Congress (NPC) for your deliberation and for comments from
members of the National Committee of the Chinese People’s Political Consultative

Conference (CPPCC).

I. Execution of the 2020 Central and Local Budgets

The year 2020 was an extraordinarily unusual year in the history of the
People’s Republic of China. We were confronted with a challenging and complex
international environment, arduous tasks in domestic reform, development, and

stability, and the serious impacts of the Covid-19 epidemic. Amid these
circumstances, the Central Committee of the Communist Party of China (CPC)
with Comrade Xi Jinping at its core exercised overall control, maintained strategic

resolve, accurately assessed the situation, created meticulous plans, adopted
decisive measures, put in arduous effort, and promptly made major decisions for
coordinating epidemic control with economic and social development. All regions

and departments resolutely followed the guidance of Xi Jinping Thought on
Socialism with Chinese Characteristics for a New Era, fully applied the guiding
principles of the 19th CPC National Congress and the second, third, fourth, and

fifth plenary sessions of the 19th Party Central Committee, and fulfilled the
decisions and plans of the Party Central Committee and the State Council.
Responding to challenges and risks with calm composure and upholding

high-quality development with firm resolve, we rigorously implemented the
budgets reviewed and approved by the Third Session of the 13th NPC. We
coordinated epidemic response with economic and social development,

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successfully ensured stability on six fronts, and maintained security in six areas.
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1 The six fronts refer to employment, the financial sector, foreign trade, foreign investment, domestic
investment, and expectations.
2 The six areas refer to job security, basic living needs, operations of market entities, food and energy
security, stable industrial and supply chains, and the normal functioning of primary-level governments.
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