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Expenditures in the central government's general public budget amounted to 8.689035 trillion yuan (this consists of 2.7404 trillion yuan in central government expenditures and 5.948635 trillion yuan in tax rebates and transfer payments from the central to local governments), representing 99.1 percent of the adjusted budgeted figure and an increase of 4.5 percent. Adding in the 78.202 billion yuan contributed to the Central Budget Stabilization Fund, these expenditures totaled 8.767237 trillion yuan. They exceeded revenue, leaving a deficit of 1.4 trillion yuan, which is the same as the budgeted figure. Central government reserve funds budgeted for 2016 were 50 billion yuan; of this, actual expenditures accounted for 14.61 billion yuan, and the remaining 35.39 billion yuan was transferred in full to the Central Budget Stabilization Fund. At year end 2016, outstanding central government debt was 12.006675 trillion yuan, well within the budgeted 12.590835 trillion yuan limit. The Central Budget Stabilization Fund had a balance of 267.806 billion yuan, including 150.183 billion yuan in recovered central government carryover funds.
Revenue in local government general public budgets reached 14.668112 trillion yuan. This figure consists of 8.719477 trillion yuan in local government revenue, an increase of 7.4 percent over 2015, and 5.948635 trillion yuan in central government tax rebates and transfer payments to local governments. Adding in the additional 595.602 billion yuan of utilized carryover and surplus funds and funds from other sources, this revenue totaled 15.263714 trillion yuan. Expenditures in local government general public budgets totaled 16.043714 trillion yuan, representing an increase of 7.4 percent after deducting utilized carryover and surplus funds and funds from other sources. Total expenditures exceeded total revenue, leaving a local government deficit of 780 billion yuan, which is the same as the budgeted figure.
2) Budgets for government-managed funds
In 2016, revenue into China's government-managed funds reached 4.661862 trillion yuan, up 11.9 percent. Adding in the 24.984 billion yuan carried over from 2015 and 400 billion yuan raised by local governments through the issuance of special bonds, this revenue totaled 5.086846 trillion yuan. Expenditures from these funds amounted to 4.685152 trillion yuan, an increase of 11.7 percent.
Figure 1
Revenue and Expenditures in the 2016 Central Government General Public Budget
Revenue into central government-managed funds reached 417.808 billion yuan, representing 97.8 percent of the budgeted figure and an increase of 2.6 percent. Adding in the 24.984 billion yuan carried forward from 2015 and the 759 million yuan turned over by local governments, this revenue totaled 443.551 billion yuan. Expenditures from central government-managed funds totaled 399.998 billion yuan, representing 88.5 percent of the budgeted figure and a 6.8 percent decrease. This figure breaks down as central government expenditures of 288.986 billion yuan and transfer payments to local governments totaling 111.012 billion yuan. Revenue into central government-managed funds exceeded expenditures by 43.553 billion yuan. Of this figure, 29.85 billion yuan was carried forward to 2017; 11.072 billion yuan from carryover funds of individual government-managed funds, which exceeded 30 percent of the revenue of their respective funds in 2016, was contributed to the Central Budget Stabilization Fund in accordance with regulations; and 2.631 billion yuan represented surplus funds from the three items to be transferred from government-managed fund budgets into the general public budget in 2017.
Revenue into funds managed by local governments reached 4.244054 trillion yuan, an increase of 12.9 percent, of which proceeds from selling state-owned land-use rights accounted for 3.745663 trillion yuan. Adding in the 111.012 billion yuan in transfer payments from central government-managed funds and the 400 billion yuan raised by local governments through the issuance of special bonds, this revenue totaled 4.755066 trillion yuan. Expenditures through local government-managed funds totaled 4.396166 trillion yuan, up 13 percent, which includes 3.840584 trillion yuan in expenditures funded using the proceeds from selling state-owned land-use rights. [ 3) Budgets for state capital operations
In 2016, budgetary revenue from China's state capital operations totaled 260.184 billion yuan, up 2 percent, and budgetary expenditures through these operations totaled 217.146 billion yuan, up 18.2 percent.
Budgetary revenue from central government state capital operations was 143.017 billion yuan, representing 102.2 percent of the budgeted figure and a decrease of 11.3 percent. Adding in the 39.447 billion yuan carried forward from 2015, the revenue totaled 182.464 billion yuan. Budgetary expenditures through these operations reached 145.061 billion yuan, representing 93.5 percent of the budgeted figure and an increase of 28.1 percent. These expenditures consisted of 93.708 billion yuan in central government expenditures and 51.353 billion yuan in transfer payments to local governments. A total of 24.6 billion yuan was transferred into the general public budget. A total of 12.803 billion yuan of budgetary revenue from these operations was carried over to 2017.
Budgetary revenue from the state capital operations of local governments reached 117.167 billion yuan, up 24.9 percent. Adding in the 51.353 billion yuan in transfer payments to local governments through the central government's state capital operations budget, the revenue totaled 168.52 billion yuan. Budgetary spending through local government state capital operations amounted to 123.438 billion yuan, up 48.5 percent. A total of 24.691 billion yuan was transferred into the general public budget.
4) Budgets for social security funds
In 2016, revenue into China's social security funds reached 4.827253 trillion yuan, representing 102.4 percent of the budgeted figure and an increase of 4.1 percent. This revenue includes 3.506586 trillion yuan from insurance premiums and 1.110434 trillion yuan from government subsidies. Expenditures from these funds amounted to 4.391894 trillion yuan, representing 100.9 percent of the budgeted figure and an increase of 12.3 percent. The social security fund surplus for 2016 was 435.359 billion yuan, which was rolled over to make the year-end balance 6.329467 trillion yuan.
In addition, in compliance with the State Council's requirement to strengthen overall coordination in the use of government funds, a number of items were transferred from local government-managed funds into local government general public budgets and the corresponding outstanding balance of special debt totaling 11.682 billion yuan and the ceiling for this balance were transferred to general debt, leaving the ceiling for local government debt unchanged.
4. Implementation of main policies regarding expenditures in 2016
-- Education
We established a unified benchmark for public funding per student in China's compulsory education schools. Eligible students from families with financial difficulties at regular senior secondary schools were exempted from tuition and miscellaneous fees. We funded improvements to basic conditions in more than 80,000 badly built or poorly operated schools providing compulsory education in poor areas. We established a funding system for secondary vocational schools based on student enrollment. We implemented a new budgetary appropriation system for institutions of higher learning directly under the central government. State financial assistance was granted to over 84 million students over the course of last year.(more)
