Government and Policy

China reports $123b fiscal deficit in 2010

Updated: 2011-06-27 21:10
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BEIJING - Finance Minister Xie Xuren said on Monday that the country's central government expenditures exceeded revenue in 2010, resulting in a fiscal deficit of 800 billion yuan ($123.52 billion), about 50 billion yuan less than the annual budget.

Xie revealed the figure in a report on last year's fiscal situation to the 21st session of the Standing Committee of the 11th National People's Congress (NPC), the top legislature.

The central government's fiscal revenue hit nearly 4.26 trillion yuan last year, about 1.8 billion yuan more than the budgetary figure, according to Xie.

The government's total central fiscal expenditure reached nearly 5.06 trillion yuan, 830 million yuan more than the budgetary figure, Xie said.

The total central fiscal expenditure included about 1.6 trillion yuan of central government spending, and more than 3.23 trillion yuan of tax rebates and transfer payments to local governments, Xie said.

The outstanding national debt reached 6.75 trillion yuan at the end of last year, which was within the 7.12-trillion-yuan limit in the annual budget, he said.