Page 7 - REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2021 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2022

previous year, while expenditure is planned according to the principle of balance
between expenditure and revenue.

Revenue of state capital operations nationwide was 517.955 billion yuan in
2021, representing 133.6% of the budgeted figure and an increase of 8.5%. This was

mainly due to higher-than-expected SOE profits in 2020. Expenditure totaled
262.478 billion yuan, representing 99.1% of the budgeted figure and an increase of
2.7%.

Revenue of central government state capital operations was 200.692 billion
yuan, representing 114.6% of the budgeted figure and an increase of 12.4%. With

the addition of 41.314 billion yuan carried over from 2020, total revenue was
242.006 billion yuan. Expenditure of central government state capital operations

reached 107.78 billion yuan, representing 91.3% of the budgeted figure and an
increase of 14.8%. This included 93.699 billion yuan of central government
spending and 14.081 billion yuan in transfer payments to local governments. Funds

allocated from the central government state capital operations budget to the central
general public budget amounted to 98.4 billion yuan. A sum of 35.826 billion yuan
of revenue from these operations has been carried over to 2022. This was mainly

due to certain extra revenue in the execution of budgets which was carried over to
2022 in accordance with regulations.

Revenue of local government state capital operations reached 317.263 billion
yuan, an increase of 6.1%. Adding in 14.081 billion yuan in transfer payments from
the central government state capital operations budget to local governments and

3.237 billion yuan carried forward from 2020, total revenue was 334.581 billion
yuan. Expenditure of local government state capital operations was 168.779 billion
yuan, an increase of 0.3%. Funds allocated from the local government state capital

operations budget to the local general public budget amounted to 135.205 billion
yuan. An amount of 30.597 billion yuan of revenue from these operations has been

carried over to 2022.
4. Revenue and expenditure of social insurance funds in 2021

Revenue of social insurance funds nationwide was 9.473474 trillion yuan,
representing 106.2% of the budgeted figure and an increase of 24.9%. Revenue

included 6.681664 trillion yuan in insurance premiums, a rise of 35.7%, which was
mainly due to the expiration of the time-limited policy of reducing social insurance

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