Page 7 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2020 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2021

addition of 18.155 billion yuan carried forward from 2019 and 1 trillion yuan raised
from Covid-19 bonds, total revenue came to 1.374313 trillion yuan. Expenditure of
central government-managed funds totaled 1.043987 trillion yuan, representing

96.8% of the budgeted figure. Broken down, this figure includes 271.462 billion
yuan of central government spending and 772.525 billion yuan of transfer

payments to local governments. Funds transferred from central
government-managed funds to general public budgets amounted to 300.25 billion
yuan. Revenue of central government-managed funds exceeded expenditure by

30.076 billion yuan. Of this figure, 24.012 billion yuan was carried forward to 2021,
while 6.064 billion yuan, comprising the portion of individual

government-managed funds’ carryover that exceeded 30% of revenue in 2020, was
contributed to the Central Budget Stabilization Fund in accordance with

regulations.
Revenue of local government-managed funds was 8.992716 trillion yuan, an

increase of 11.7%. Revenue from the sale of state-owned land-use rights accounted
for 8.414229 trillion yuan of this figure, a 15.9% rise. Adding in transfer payments
of 772.525 billion yuan from central government-managed funds and 3.75 trillion

yuan raised by local governments through special-purpose bonds, total revenue
came to 13.515241 trillion yuan. Expenditure of local government-managed funds

totaled 11.528432 trillion yuan, an increase of 30.2%.
3. Revenue and expenditure of state capital operations in 2020

In accordance with relevant management regulations for the budgets of state
capital operations, revenue from state capital operations is mostly collected as a

certain proportion of the net profits of state-owned enterprises (SOEs) from the
previous year, while expenditure is planned according to the principle of balance
between expenditure and revenue.

Revenue of state capital operations nationwide was 477.782 billion yuan in
2020, representing 131.3% of the budgeted figure and an increase of 20.3%. This

was mainly due to efforts to increase the amount of profits turned over by SOEs.
Expenditure totaled 254.406 billion yuan, representing 97.3% of the budgeted

figure and an increase of 10.8%.
Revenue of central government state capital operations was 178.561 billion

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