Page 6 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2020 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2021

3) Local general public budget
Revenue in the local general public budget was 18.343914 trillion yuan. This
figure includes 10.012384 trillion yuan in local government revenue, a decrease of

0.9% compared with 2019, and 8.33153 trillion yuan in transfer payments from the
central government. With the addition of 1.725332 trillion yuan of funds

transferred from local budget stabilization funds, local government-managed
funds, and the local state capital operations budget as well as utilized carryover
and surplus funds, total revenue reached 20.069246 trillion yuan. Expenditures in

the local general public budget totaled 21.049246 trillion yuan, a 3.3% increase.
Total expenditure exceeded total revenue, creating a local government deficit of

980 billion yuan, which is consistent with the figure projected.
2. Revenue and expenditure of government-managed funds in 2020

In accordance with regulations concerning the management of local
government debt, revenue and expenditure generated from special local

government debt are included in the budgets of government-managed funds. In
accordance with regulations concerning the management of Covid-19 bonds,
revenue and expenditure generated from Covid-19 bonds are included in the

budgets of government-managed funds.
Revenue of China’s government-managed funds in 2020 was 9.348874 trillion

yuan, representing 114.8% of the budgeted figure and an increase of 10.6%. This
was mainly due to a significant increase in revenue from the local governments’

sale of state-owned land-use rights. Adding in 18.155 billion yuan carried over
from 2019, 3.75 trillion yuan raised by local governments through special-purpose

bonds, and 1 trillion yuan raised from Covid-19 bonds, total revenue amounted to
14.117029 trillion yuan. Expenditure of all government-managed funds was
11.799894 trillion yuan, representing 93.6% of the budgeted figure and an increase

of 28.8%. This was mainly due to a significant increase in expenditure through
local government special-purpose bonds.

Revenue of central government-managed funds was 356.158 billion yuan,
representing 98.6% of the budgeted figure and a decrease of 11.8%. This was

mainly due to a significant decrease in the revenue of certain funds affected by the
epidemic, as well as the introduction of temporary exemption policies. With the

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