Page 5 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2021 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2022

budgeted figure. Spending on science and technology amounted to 320.554 billion
yuan, 99.3% of the budgeted figure. Spending on stockpiling grain, edible oils, and

other materials was 111.249 billion yuan, 90.8% of the budgeted figure. Interest
payments on debt totaled 586.769 billion yuan, 97.8% of the budgeted figure.

Central government transfer payments made to local governments: General transfer
payments totaled 7.48629 trillion yuan, 99.8% of the budgeted figure. Special
transfer payments reached 735.304 billion yuan, 88% of the budgeted figure. This

was mainly due to the fact that some transfer payments included under central
government budgetary investment were recategorized as relevant central
government expenditures according to the way they were actually used.

In 2021, a total of 201.18 billion yuan of extra revenue and 152.91 billion yuan

of unspent funds in the central general public budget were transferred in full to the
Central Budget Stabilization Fund. Central government reserve funds budgeted for
2021 amounted to 50 billion yuan. Of this, actual spending was 40 billion yuan,

which was mainly used in post-flood reconstruction and one-off subsidies for grain
producers. The 10 billion yuan surplus (already included in the aforementioned
152.91 billion yuan of unspent funds) was transferred in full to the Central Budget

Stabilization Fund. At the end of 2021, the Central Budget Stabilization Fund had a
balance of 385.401 billion yuan.

3) Local general public budget
Revenue in the local general public budget was 19.329302 trillion yuan. This

figure includes 11.107708 trillion yuan in local government revenue, an increase of
10.9% compared with 2020, and 8.221594 trillion yuan in transfer payments from
the central government. With the addition of 977.852 billion yuan of funds

transferred from local budget stabilization funds, the budgets of local
government-managed funds, and the budgets of local state capital operations as
well as utilized carryover and surplus funds, total revenue reached 20.307154

trillion yuan. Expenditures in the local general public budget totaled 21.127154
trillion yuan, a 0.3% increase. Total expenditure exceeded total revenue, creating a
local government deficit of 820 billion yuan, which is consistent with the figure

projected.

2. Revenue and expenditure of government-managed funds in 2021
Revenue of China’s government-managed funds in 2021 was 9.802371 trillion

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