Page 5 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2020 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2021

budgeted figure. Revenue from VAT and excise tax on imports totaled 1.453463

trillion yuan, 109.2% of the budgeted figure. Revenue from customs duties came to
256.42 billion yuan, 93.2% of the budgeted figure. Corporate income tax revenue
was 2.325757 trillion yuan, 98.3% of the budgeted figure. Individual income tax
revenue was 694.091 billion yuan, 109.3% of the budgeted figure. VAT and excise

tax rebates on exports totaled 1.362898 trillion yuan, 112.3% of the budgeted figure.
Main expenditures in the central government’s general public budget: General public

service expenditures reached 173.521 billion yuan, 100.8% of the budgeted figure,
primarily due to increased spending on customs countermeasures for Covid-19.
Diplomatic spending totaled 51.406 billion yuan, 94.7% of the budgeted figure.
National defense spending was 1.267992 trillion yuan, 100% of the budgeted figure.

Public security expenses totaled 183.59 billion yuan, 100.2% of the budgeted figure.
Spending on education came to 167.365 billion yuan, 98.5% of the budgeted figure.

Spending on science and technology amounted to 321.648 billion yuan, 100.6% of
the budgeted figure. Spending on stockpiling grain, edible oils, and other materials
was 122.457 billion yuan, 100.7% of the budgeted figure. Interest payments on debt
totaled 553.895 billion yuan, 102.6% of the budgeted figure.

Central government transfer payments made to local governments: General transfer
payments totaled 6.955723 trillion yuan, 99.2% of the budgeted figure. This figure

includes transfer payments for shared fiscal powers of 3.218072 trillion yuan, 98.7%
of the budgeted figure. Special transfer payments reached 776.592 billion yuan,
100.1% of the budgeted figure, primarily due to increased spending allocated from
the proceeds of inter-provincial land quota adjustments on the basis of practical

arrangements. Special-channel transfer payments totaled 599.215 billion yuan, 99%
of the budgeted figure.
In 2020, a total of 104.021 billion yuan of extra revenue and unspent funds in

the central general public budget was transferred in full to the Central Budget
Stabilization Fund. Central government reserve funds budgeted for 2020 amounted
to 50 billion yuan. Of this, actual spending was 14.641 billion yuan, which was

mainly used in post-flood reconstruction and other areas. The 35.359 billion yuan
surplus (already included in the aforementioned 104.021 billion yuan of surplus
funds) was transferred in full to the Central Budget Stabilization Fund. At the end

of 2020, the Central Budget Stabilization Fund had a balance of 113.131 billion
yuan.

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