Page 6 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2021 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2022

yuan, representing 103.7% of the budgeted figure and an increase of 4.8%. Adding
in 24.016 billion yuan carried over from 2020, 3.65 trillion yuan raised by local

governments through special-purpose bonds, and 9 billion yuan from the general
public budget, total revenue amounted to 13.485387 trillion yuan. Expenditure of
all government-managed funds was 11.366101 trillion yuan, representing 86.6% of

the budgeted figure and a decrease of 3.7%. The relatively large difference between
the actual figure and the budgeted figure was mainly due to lower-than-expected
proceeds from local government sales of state-owned land-use rights.

Revenue of central government-managed funds was 408.771 billion yuan,
representing 107% of the budgeted figure and an increase of 14.8%. This was

mainly due to a significant increase in the revenue of public welfare funds financed
by lottery proceeds. Adding in the funds carried forward from 2020 and

transferred from other sources, total revenue came to 441.992 billion yuan.
Expenditure of central government-managed funds totaled 400.331 billion yuan,
representing 98.6% of the budgeted figure. Broken down, this figure includes
320.102 billion yuan of central government spending and 80.229 billion yuan of

transfer payments to local governments. Funds transferred from central
government-managed funds to the central general public budget amounted to 100

million yuan. Revenue of central government-managed funds exceeded
expenditure by 41.561 billion yuan. Of this figure, 38.082 billion yuan was carried
forward to 2022, while 3.479 billion yuan was contributed to the Central Budget

Stabilization Fund in accordance with regulations.
Revenue of local government-managed funds was 9.3936 trillion yuan, an

increase of 4.5%. Adding in transfer payments of 80.229 billion yuan from central
government-managed funds and 3.65 trillion yuan raised by local governments
through special-purpose bonds, total revenue came to 13.123829 trillion yuan.

Expenditure of local government-managed funds totaled 11.045999 trillion yuan, a
decrease of 4.2%. This was mainly because no Covid-19 bonds were issued in 2021,
so there was a drop in expenditure in this regard.

3. Revenue and expenditure of state capital operations in 2021

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

6