Revenue and expenditure of government-managed funds in 2020

In accordance with regulations concerning the management of local government debt, revenue and expenditure generated from special local government debt are included in the budgets of government-managed funds. In accordance with regulations concerning the management of Covid-19 bonds, revenue and expenditure generated from Covid-19 bonds are included in the budgets of government-managed funds.

Revenue of China's government-managed funds in 2020 was 9.348874 trillion yuan, representing 114.8% of the budgeted figure and an increase of 10.6%. This was mainly due to a significant increase in revenue from the local governments' sale of state-owned land-use rights. Adding in 18.155 billion yuan carried over from 2019, 3.75 trillion yuan raised by local governments through special-purpose bonds, and 1 trillion yuan raised from Covid-19 bonds, total revenue amounted to 14.117029 trillion yuan. Expenditure of all government-managed funds was 11.799894 trillion yuan, representing 93.6% of the budgeted figure and an increase of 28.8%. This was mainly due to a significant increase in expenditure through local government special-purpose bonds.

Revenue of central government-managed funds was 356.158 billion yuan, representing 98.6% of the budgeted figure and a decrease of 11.8%. This was mainly due to a significant decrease in the revenue of certain funds affected by the epidemic, as well as the introduction of temporary exemption policies. With the addition of 18.155 billion yuan carried forward from 2019 and 1 trillion yuan raised from Covid-19 bonds, total revenue came to 1.374313 trillion yuan. Expenditure of central government-managed funds totaled 1.043987 trillion yuan, representing 96.8% of the budgeted figure. Broken down, this figure includes 271.462 billion yuan of central government spending and 772.525 billion yuan of transfer payments to local governments. Funds transferred from central government-managed funds to general public budgets amounted to 300.25 billion yuan. Revenue of central government-managed funds exceeded expenditure by 30.076 billion yuan. Of this figure, 24.012 billion yuan was carried forward to 2021, while 6.064 billion yuan, comprising the portion of individual government-managed funds' carryover that exceeded 30% of revenue in 2020, was contributed to the Central Budget Stabilization Fund in accordance with regulations.

Revenue of local government-managed funds was 8.992716 trillion yuan, an increase of 11.7%. Revenue from the sale of state-owned land-use rights accounted for 8.414229 trillion yuan of this figure, a 15.9% rise. Adding in transfer payments of 772.525 billion yuan from central government-managed funds and 3.75 trillion yuan raised by local governments through special-purpose bonds, total revenue came to 13.515241 trillion yuan. Expenditure of local government-managed funds totaled 11.528432 trillion yuan, an increase of 30.2%.

Revenue and expenditure of state capital operations in 2020

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

Revenue of state capital operations nationwide was 477.782 billion yuan in 2020, representing 131.3% of the budgeted figure and an increase of 20.3%. This was mainly due to efforts to increase the amount of profits turned over by SOEs. Expenditure totaled 254.406 billion yuan, representing 97.3% of the budgeted figure and an increase of 10.8%.

Revenue of central government state capital operations was 178.561 billion yuan, representing 105.6% of the budgeted figure and an increase of 9.1%. With the addition of 14.409 billion yuan carried over from 2019, total revenue was 192.97 billion yuan. Expenditure of central government state capital operations reached 93.906 billion yuan, representing 74.6% of the budgeted figure and a decrease of 15.3%. This included 87.369 billion yuan of central government spending and 6.537 billion yuan in transfer payments to local governments. The proportion of funds allocated from the central government state capital operations budget to the general public budget increased to 57.75 billion yuan. A sum of 41.314 billion yuan of revenue from these operations has been carried over to 2021.

Revenue of local government state capital operations reached 299.221 billion yuan, an increase of 28.1%. Adding in 6.537 billion yuan in transfer payments from the central government state capital operations budget to local governments and 8.049 billion yuan carried forward from last year, total revenue was 313.807 billion yuan. Expenditure of local government state capital operations was 167.037 billion yuan, an increase of 27.6%. The proportion of funds allocated from the local government state capital operations budget to the general public budget increased to 114.82 billion yuan. An amount of 31.95 billion yuan of revenue from these operations has been carried over to 2021.

Revenue and expenditure of social security funds in 2020

Revenue of social security funds nationwide was 7.211565 trillion yuan, representing 93.3% of the budgeted figure and a decrease of 13.3%. This significant decrease in revenue was due to the policy of temporarily reducing social insurance premiums. Revenue included 4.697369 trillion yuan in insurance premiums and 2.094694 trillion yuan in government subsidies. Adding in 50 billion yuan of special funds allocated from the National Social Security Fund to some localities to make up for shortfalls in enterprise employees' basic old-age insurance funds, total revenue was 7.261565 trillion yuan. Expenditure of social security funds nationwide totaled 7.883482 trillion yuan, representing 95.8% of the budgeted figure and an increase of 5.5%. The deficit for 2020 of 621.917 billion yuan was rolled over, bringing the year-end balance to 9.032614 trillion yuan.

Revenue of the central government social security fund was 70.483 billion yuan, representing 50.9% of the budgeted figure. This includes 35.2 billion yuan in insurance premiums and 31.775 billion yuan in government subsidies. With the addition of 737.955 billion yuan of basic old-age insurance funds allocated by local governments for central regulation and 50 billion of special funds from the National Social Security Fund, total revenue rose to 858.438 billion yuan. Expenditure of the central government social security fund was 70.842 billion yuan, representing 50.3% of the budgeted figure. Adding in 737.005 billion yuan of basic old-age insurance funds reallocated to local governments through central regulation and 50 billion yuan of special funds allocated to some localities to make up for shortfalls in enterprise employees' basic old-age insurance funds, total expenditure came to 857.847 billion yuan. The surplus for 2020 of 591 million yuan was rolled over, bringing the year-end balance to 37.287 billion yuan. The budget execution rate for revenue and expenditure of the central government social security fund was on the low side, mainly because some government offices and public institutions had yet to complete the settling of accounts while preparing to implement the old-age insurance system. Revenue of central regulation funds exceeded expenditure by 950 million yuan, mainly because the Xinjiang Production and Construction Corps was subjected to local regulation though its revenue and expenditure were included in central budget, and interest of central regulation funds for previous years was allocated.

Revenue of local government social security funds was 7.141082 trillion yuan, which included 4.662169 trillion yuan in insurance premiums and 2.062919 trillion yuan in government subsidies. With the addition of 737.005 billion yuan of basic old-age insurance funds reallocated to local governments by the central government and 50 billion yuan of special funds allocated by the central government to some localities to make up for shortfalls in enterprise employees' basic old-age insurance funds, total revenue rose to 7.928087 trillion yuan. Expenditure of local government social security funds was 7.81264 trillion yuan. Adding in 737.955 billion yuan of basic old-age insurance funds allocated for central regulation, total expenditure came to 8.550595 trillion yuan. The deficit for 2020 of 622.508 billion yuan was rolled over, bringing the year-end balance to 8.995327 trillion yuan.

At the end of 2020, outstanding central government debt was 20.890587 trillion yuan, within the budgeted limit of 21.300835 trillion yuan approved by the NPC. Outstanding local government debt totaled 25.661465 trillion yuan, which included 12.7395 trillion yuan of general debt and 12.921965 trillion yuan of special debt. This figure was also within the NPC-approved budget limit of 28.80743 trillion yuan.