Page 4 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2021 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2022

in 95 billion yuan from the Central Budget Stabilization Fund and 98.5 billion yuan
from the budgets of central government-managed funds and central government

state capital operations, total revenue came to 9.33968 trillion yuan.
Expenditure in the central government’s general public budget totaled

11.72659 trillion yuan, representing 98.6% of the budgeted figure and a decrease of
0.9%. This figure includes: central government expenditures of 3.504996 trillion
yuan, representing 100.1% of the budgeted figure and a 0.1% decrease; and transfer

payments to local governments of 8.221594 trillion yuan, representing 98.6% of the
budgeted figure and a 1.2% decrease. With the addition of 354.09 billion yuan
contributed to the Central Budget Stabilization Fund and 9 billion yuan transferred

to the budget of central government-managed funds, total expenditure reached
12.08968 trillion yuan. Total expenditure exceeded total revenue, leaving a deficit

of 2.75 trillion yuan, which is consistent with the figure projected.
Main revenue items in the central government’s general public budget: Domestic

value-added tax (VAT) revenue was 3.175266 trillion yuan, 100.5% of the budgeted
figure. Domestic excise tax revenue amounted to 1.38807 trillion yuan, 104.3% of
the budgeted figure. Corporate income tax revenue was 2.660534 trillion yuan,

103.8% of the budgeted figure. Individual income tax revenue was 839.595 billion
yuan, 106.3% of the budgeted figure. Revenue from customs duties came to 280.587
billion yuan, 102% of the budgeted figure. Revenue from VAT and excise tax on

imports totaled 1.731636 trillion yuan, 107.8% of the budgeted figure. VAT and
excise tax rebates on exports totaled 1.815769 trillion yuan, 117.1% of the budgeted
figure. Thanks to better-than-expected growth of foreign trade as well as rising

prices for imported commodities, taxes on both imports and exports exceeded
projections by a relatively large margin.

Main expenditures in the central government’s general public budget: General public
service expenditures reached 157.269 billion yuan, 107% of the budgeted figure,

primarily due to rising investment in digitalization in the central government
budget and increased spending on customs countermeasures for Covid-19.
Diplomatic spending totaled 49.096 billion yuan, 97.4% of the budgeted figure.
National defense spending was 1.355758 trillion yuan, 100% of the budgeted figure.

Public security expenses totaled 189.002 billion yuan, 102.1% of the budgeted
figure. Spending on education came to 169.035 billion yuan, 101.6% of the

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