Page 9 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2020 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2021

insurance premiums and 31.775 billion yuan in government subsidies. With the
addition of 737.955 billion yuan of basic old-age insurance funds allocated by local
governments for central regulation and 50 billion of special funds from the

National Social Security Fund, total revenue rose to 858.438 billion yuan.
Expenditure of the central government social security fund was 70.842 billion yuan,

representing 50.3% of the budgeted figure. Adding in 737.005 billion yuan of basic
old-age insurance funds reallocated to local governments through central
regulation and 50 billion yuan of special funds allocated to some localities to make

up for shortfalls in enterprise employees’ basic old-age insurance funds, total
expenditure came to 857.847 billion yuan. The surplus for 2020 of 591 million yuan

was rolled over, bringing the year-end balance to 37.287 billion yuan. The budget
execution rate for revenue and expenditure of the central government social

security fund was on the low side, mainly because some government offices and
public institutions had yet to complete the settling of accounts while preparing to

implement the old-age insurance system. Revenue of central regulation funds
exceeded expenditure by 950 million yuan, mainly because the Xinjiang
Production and Construction Corps was subjected to local regulation though its

revenue and expenditure were included in central budget, and interest of central
regulation funds for previous years was allocated.

Revenue of local government social security funds was 7.141082 trillion yuan,
which included 4.662169 trillion yuan in insurance premiums and 2.062919 trillion

yuan in government subsidies. With the addition of 737.005 billion yuan of basic
old-age insurance funds reallocated to local governments by the central

government and 50 billion yuan of special funds allocated by the central
government to some localities to make up for shortfalls in enterprise employees’
basic old-age insurance funds, total revenue rose to 7.928087 trillion yuan.

Expenditure of local government social security funds was 7.81264 trillion yuan.
Adding in 737.955 billion yuan of basic old-age insurance funds allocated for

central regulation, total expenditure came to 8.550595 trillion yuan. The deficit for
2020 of 622.508 billion yuan was rolled over, bringing the year-end balance to

8.995327 trillion yuan.
At the end of 2020, outstanding central government debt was 20.890587 trillion

8