10 Billion Yuan More Deficit Budgeted for 2003

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Last updated at: (Beijing Time) Thursday, March 06, 2003

10 Billion Yuan More Deficit Budgeted for 2003

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China's deficit for 2003 is budgeted to be 10 billion yuan more than in 2002, according to a report presented by Minister of Finance Xiang Huaicheng to the first session of the 10th National People's Congress Thursday morning.

The deficit for 2002 was 309.8 billion yuan.

Xiang told the top legislature body that the total receipt of the central finance is budgeted to be 1.194 trillion yuan, 57.5 billion yuan or 5.1 percent more than in 2002 and the total expenditure is budgeted at 1.5138 trillion yuan, 67.5 billion yuan or 4.7 percent more than in 2002, leaving a deficit of 319.8 billion yuan, 10 billion more than in 2002.

The deficit, plus the domestic and foreign debts overdue, willbring the total debts of the central finance up to 640.4 billion yuan.

The total receipt of local finances for 2003 is budgeted at 1.7105 trillion yuan, 121.9 billion or 7.7 percent more than in 2002 and their total expenditure is budgeted at 1.7105 trillion yuan, 121.9 billion or 7.7 percent more than in 2002.

Putting the budgets of the central and local finances together,the total national receipt in 2003 will be 2.0501 trillion yuan, 158.7 billion or 8.4 percent more than in 2002 and the national total expenditure will be 2.3699 trillion yuan, 168.7 billion or 7.7 percent more than in 2002.

China's 2002 deficit controlled as budgeted

The 2002 central and local budgets were implemented satisfactorily, with a deficit controlled at the figure as budgeted, Xiang said.

The total national financial receipts amounted to 1.8914 trillion yuan, 89.9 billion yuan over the budgeted figure, while its total expenditures reached 2.2012 trillion yuan, 89.9 billion yuan over the budgeted figure.

The total receipts of the central finance in 2002 was 1.102 trillion yuan, 37.4 billion yuan over the budgeted figure, while their expenditures amounted to 1.4118 trillion yuan, 37.4 billion yuan over the budgeted figure, leaving a deficit of 309.8 billion yuan, the same as budgeted.

The total receipts of local finances in 2002 stood at 1.5886 trillion yuan, 58.2 billion yuan over the budgeted figure, while their total expenditures amounted to 1.5886 trillion yuan, 58.2 billion yuan over the budgeted figure, well balanced.

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