Page 8 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2020 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2021

yuan, representing 105.6% of the budgeted figure and an increase of 9.1%. With the
addition of 14.409 billion yuan carried over from 2019, total revenue was 192.97
billion yuan. Expenditure of central government state capital operations reached

93.906 billion yuan, representing 74.6% of the budgeted figure and a decrease of
15.3%. This included 87.369 billion yuan of central government spending and 6.537

billion yuan in transfer payments to local governments. The proportion of funds
allocated from the central government state capital operations budget to the
general public budget increased to 57.75 billion yuan. A sum of 41.314 billion yuan

of revenue from these operations has been carried over to 2021.
Revenue of local government state capital operations reached 299.221 billion

yuan, an increase of 28.1%. Adding in 6.537 billion yuan in transfer payments from
the central government state capital operations budget to local governments and

8.049 billion yuan carried forward from last year, total revenue was 313.807 billion
yuan. Expenditure of local government state capital operations was 167.037 billion

yuan, an increase of 27.6%. The proportion of funds allocated from the local
government state capital operations budget to the general public budget increased
to 114.82 billion yuan. An amount of 31.95 billion yuan of revenue from these

operations has been carried over to 2021.
4. Revenue and expenditure of social security funds in 2020

Revenue of social security funds nationwide was 7.211565 trillion yuan,
representing 93.3% of the budgeted figure and a decrease of 13.3%. This significant

decrease in revenue was due to the policy of temporarily reducing social insurance
premiums. Revenue included 4.697369 trillion yuan in insurance premiums and

2.094694 trillion yuan in government subsidies. Adding in 50 billion yuan of
special funds allocated from the National Social Security Fund to some localities to
make up for shortfalls in enterprise employees’ basic old-age insurance funds, total

revenue was 7.261565 trillion yuan. Expenditure of social security funds
nationwide totaled 7.883482 trillion yuan, representing 95.8% of the budgeted

figure and an increase of 5.5%. The deficit for 2020 of 621.917 billion yuan was
rolled over, bringing the year-end balance to 9.032614 trillion yuan.

Revenue of the central government social security fund was 70.483 billion yuan,
representing 50.9% of the budgeted figure. This includes 35.2 billion yuan in

7