Page 4 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2020 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2021

Revenue included tax receipts of 15.431006 trillion yuan, a decrease of 2.3%, and

non-tax revenue of 2.858486 trillion yuan, a decrease of 11.7%. Adding in 2.613332
trillion yuan of funds from other sources and utilized carryover and surplus funds
(this includes funds transferred from the Central Budget Stabilization Fund and
local budget stabilization funds, the budgets of central and local

government-managed funds, and the budgets of central and local government
state capital operations, as well as carryover and surplus funds used by local

governments), total revenue came to 20.902824 trillion yuan.
Expenditure in the national general public budget was 24.558803 trillion yuan,
representing 99.1% of the budgeted figure and an increase of 2.8%. With the
addition of 104.021 billion yuan used to replenish the Central Budget Stabilization

Fund, total expenditure rose to 24.662824 trillion yuan. Total expenditure exceeded
total revenue, leaving a deficit of 3.76 trillion yuan, which is consistent with the

figure projected.
2) Central general public budget
Revenue in the central government’s general public budget was 8.277108
trillion yuan, representing 100% of the budgeted figure and a decrease of 7.3%.

Adding in the transfer of 530 billion yuan from the Central Budget Stabilization
Fund and 358 billion yuan from the budgets of central government-managed funds
and central government state capital operations, total revenue came to 9.165108

trillion yuan.
Expenditure in the central government’s general public budget totaled
11.841087 trillion yuan, representing 99.1% of the budgeted figure and an increase

of 8.2%. This figure includes: central government expenditures of 3.509557 trillion
yuan, representing 100.2% of the budgeted figure (mainly due to increased interest
payments on government bonds) and a 0.1% decrease; and transfer payments to

local governments of 8.33153 trillion yuan, representing 99.3% of the budgeted
figure and a 12% increase. With the addition of 104.021 billion yuan contributed to
the Central Budget Stabilization Fund, total expenditure reached 11.945108 trillion

yuan. Total expenditure exceeded total revenue, leaving a deficit of 2.78 trillion
yuan, which is consistent with the figure projected.
Main revenue items in the central government’s general public budget: Domestic

value-added tax (VAT) revenue was 2.835298 trillion yuan, 98.8% of the budgeted
figure. Domestic excise tax revenue amounted to 1.20281 trillion yuan, 96.1% of the

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