Steadily promoting carbon peaks and carbon neutrality. Strengthen support for the research and development and popularization and application of advanced green and low-carbon technologies, and vigorously support renewablerenewable energydevelopment, continue to promote new energy vehicles, support the construction of a recycling system for waste materials, and optimize the Government's green procurement policy.
Report on the Implementation of the Central and Local Budgets for 2024 and the Draft Central and Local Budgets for 2025 (Summary)
Entrusted by the State Council, the Ministry of Finance (MOF) on March 5 submitted to the Third Session of the 14th National People's Congress (NPC) for reviewing the Report on the Implementation of the Central and Local Budgets in 2024 and the Draft of the Central and Local Budgets in 2025. The summary is as follows:
I. Implementation of the central and local budgets in 2024
(i) General public budget revenues and expenditures in 2024
1. National general public budget
The national general public budget revenue of 219,702,212,000,000 yuan, 98.11 TP3T of the budget, an increase of 1.31 TP3T compared with 2023.Among them, tax revenue of 1,749,772,000,000 yuan, a decrease of 3.41 TP3T; non-tax revenue of 447,311,000,000 yuan, an increase of 25.41 TP3T, mainly due to the one-time arrangement for the surrender of special proceeds by the central units as well as the Local law and regulations to increase the revitalization of state-owned resources and assets, state-owned capital operating income and state-owned resources (assets) compensation for the use of income increased more. Together with the transfer of funds from the Budget Stabilization Adjustment Fund, governmental fund budgets, state-owned capital operation budgets and the use of carry-over balances of 2,541,050,000,000 yuan, the total revenue amounted to 2,451,262,000,000 yuan. The national general public budget expenditure of 284,612.25 billion yuan, completed the budget of 99.7%, an increase of 3.6%. plus supplementing the central budget stabilization and adjustment fund of 110,037,000,000 yuan, the total amount of expenditure was 285,712.62 billion yuan. The total revenue and expenditure offset the deficit of 4,060 billion yuan, the same as the budget.
2. Centralized general public budget
The central general public budget revenue of 100435.71 billion yuan, 98.1% of the budget, an increase of 0.9%. Together with the transfer of 248.2 billion yuan from the Central Budget Stabilization and Adjustment Fund, 90 billion yuan from the budget of the central government funds, the central state-owned capital operation budget, and 500 billion yuan of carry-over funds from the previous year, the total amount of revenue was 108,817,717 million yuan. The central general public budget expenditure of 14,111,734,000,000 yuan, complete the budget of 98%, basically the same as in 2023. Together with the supplement to the central budget stabilization adjustment fund of 110.037 billion yuan, the total amount of expenditure was 14221.771 billion yuan. The total amount of revenues and expenditures offset the central fiscal deficit of 334,000,000,000 yuan, the same as the budget.
The balance of the central general public budget in 2024 amounted to RMB 110.037 billion (including RMB 50 billion of central reserve, which was not scheduled for use and was transferred to the current year's expenditure balance), all of which was replenished to the Central Budget Stabilization and Adjustment Fund. After adding 2.98 billion yuan from the carry-over balance of the central government funds, the balance of the Central Budget Stabilization and Reconciliation Fund at the end of 2024 was 273.922 billion yuan.
3. Local general public budget
Local general public budget revenue of 219,663,357,000,000 Yuan, of which, the local level revenue of 119,266,641,000,000 Yuan, an increase of 1.7%; the central government to the local transfer payment revenue of 100,397,716,000,000 Yuan. Together with the transfer of funds from the local budget stabilization adjustment fund, governmental fund budget, state-owned capital operation budget and the use of carry-over balances of 170.285 billion yuan, the total amount of revenue was 236,692.07 billion yuan. Local general public budget expenditures of 243,892,007,000,000 yuan, an increase of 3.2%, accounting for 85.7% of the national general public budget expenditures.The total amount of revenues and expenditures exceeded the total amount of local fiscal deficit of 720,000,000,000 yuan, which was unchanged from the budget.
(ii) Budgeted revenues and expenditures of governmental funds in 2024
The national governmental fund budget revenue of 620.904 billion yuan was 87.71 TP3T of the budget, a decrease of 12.21 TP3T, mainly due to the decline in revenue from the transfer of local state-owned land use rights. Together with the revenue of 39.187 billion yuan carried over from 2023, the revenue of 10,000 billion yuan from ultra-long-term special treasury bonds, and 3,900 billion yuan raised by local governments issuing special bonds, the total revenue amounted to 111,482.27 billion yuan. The budgeted expenditure of the national governmental funds amounted to 101,477,782 million yuan, completing 84.4% of the budget, an increase of 0.2%.
The central government fund budget revenue of 473.467 billion yuan, for the budget of 10.58%, an increase of 7.2%. The central government fund budget expenditure of 1,456.177 billion yuan, to complete the budget of 98%.
The local government fund budget revenue at the local level was 573.5573 billion yuan, down 13.5%. The local government fund budget expenditure was 967.9864 billion yuan, up 0.4%.
(iii) Revenues and expenditures of the state capital operating budget for 2024
The national state-owned capital operation budget revenue of 678.288 billion yuan, for the budget of 114.5%, an increase of 0.6%. The national state-owned capital operation budget expenditure of 312.886 billion yuan, to complete the budget of 95.3%, a decline of 6.5%.
The central state-owned capital operation budget revenue of 225.205 billion yuan, for the budget of 94.1%, down 0.5%. central state-owned capital operation budget expenditure of 155.52 billion yuan, complete the budget of 88.9%, an increase of 4%.
Local state-owned capital operation budget revenue at the local level was 453.083 billion yuan, up 1.2%. Local state-owned capital operation budget expenditure was 161.383 billion yuan, down 14.9%, mainly due to a decrease in expenditures for resolving historical legacy issues and other expenditures.
(iv) Budget revenues and expenditures of the Social Insurance Fund in 2024
The budgeted income of the national social insurance fund was 118,944.7 billion yuan, 101.2% of the budget, up 5.2%. The budgeted expenditure of the national social insurance fund was 1,060,612.8 billion yuan, 99.3% of the budget, up 7%. The balance of income and expenditure for the current year was 1,288,342 billion yuan, and the rolling balance at the end of the year was 1,433,723 billion yuan. .
At the end of 2024, the balance of national debt was 345,723.62 billion yuan, controlled within the national debt limit of 352,008.35 billion yuan approved by the National People's Congress (NPC); and the balance of local government debt was 475,370.55 billion yuan (including local government debt used for replacing the stock of hidden debt), including the balance of general debt of 1,670,177 billion yuan and the balance of special debt of 3,083,577 billion yuan. It is controlled within the local government debt limit approved by the National People's Congress.
(v) Implementation of Major Fiscal Policies and Key Fiscal Work in 2024
Effective implementation of stock and incremental fiscal policies.
Solid promotion of high-quality development.
Strengthening basic livelihood protection.
Effective prevention and resolution of risks in key areas.
Deepening the reform of the fiscal and taxation system.
Strengthening financial management oversight.
II. Draft central and local budgets for 2025
(i) Analysis of the situation of fiscal revenues and expenditures in 2025
From the perspective of fiscal revenue, the economy has continued to rebound and improve, providing support for fiscal revenue growth, but there are still many constraints. From the fiscal expenditure point of view, play the role of counter-cyclical adjustment of fiscal policy, expand investment, protect people's livelihood, stabilize employment, promote consumption and other areas need to strengthen the protection, cultivate new quality of productivity, promote the comprehensive revitalization of the countryside, strengthen the ecological environment protection and other key expenditures of the rigid growth of food reserves, government debt servicing expenditures and so on continue to increase, the fiscal space for vacating is limited. Comprehensive judgment, the impact of changes in the domestic and international environment will continue to fiscal transmission, fiscal balance in 2025 is still prominent contradictions, we must take the difficulties and challenges more fully into account, the policy initiatives to prepare more comprehensive, in order to promote sustained and healthy economic development to provide a solid guarantee.
(ii) General requirements for budgeting and finance in 2025
To do a good job of budgeting and financial work in 2025, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping as the core, guided by the thought of socialism with Chinese characteristics in the new era of Xi Jinping, comprehensively implementing the spirit of the Twentieth National Congress of the CPC and the Second and Third Plenums of the Twentieth CPC Central Committee, adhering to the general tone of seeking progress while maintaining a steady progress, implementing the new development concept in a complete and accurate manner and in a comprehensive manner, accelerating the construction of a new development pattern, and solidly promoting high-quality development. Better integrate development and security, implement a more proactive fiscal policy, increase the intensity of expenditure, optimize the structure of expenditure, strengthen support for expanding domestic demand, developing new productive forces, promoting the coordinated development of urban and rural areas, and safeguarding and improving people's livelihoods, deepen the reform of the fiscal and taxation system, strengthen the scientific management of the treasury, guard against and mitigate risks, take a serious view of financial discipline, implement the requirement of the Party and government to insist on tightening the life of the country and enhance the efficiency of the use of funds and the effectiveness of policies, and promote the economic development of the country. We will implement the requirements of the party and government authorities to insist on tight living, improve the efficiency of the use of funds and the effectiveness of policies, promote the sustained recovery of the economy, and provide a strong guarantee for the high-quality completion of the objectives and tasks of the "14th Five-Year Plan" and the realization of a good start for the "10th Five-Year Plan".
2025 fiscal policy to be more active, sustained efforts, more powerful, according to the situation changes in a timely manner to adjust the policy measures, play a good policy "combination punch". Continuous effort, mainly to do a good job of policy convergence between the years, both so that the policy has been introduced to maximize the effectiveness of the policy, but also the timely introduction of new strong policies, before and after the coherent, successive force. More force, mainly to use the policy space, strengthen the extraordinary counter-cyclical regulation, improve the regulation of the foresight, targeting, effectiveness, so that the policy is more powerful, better results, all aspects of a greater sense of gain. Specifically embodied in five aspects: First, increase the fiscal deficit rate, increase the intensity of expenditure, accelerate the progress of expenditure. The second is to arrange a larger scale of government bonds to provide more support for stable growth and structural adjustment. Third, we will vigorously optimize the expenditure structure, strengthen the precise investment, and pay more attention to benefiting people's livelihood, promoting consumption and increasing strength. Fourth, we will continue to exert efforts to prevent and resolve risks in key areas, and promote stable fiscal operation and sustainable development. Fifth, to further increase the transfer payments to localities, enhance local financial strength, and secure the "three guarantees" bottom line. At the same time, strict tax collection and management in accordance with the law, standardize the management of non-tax revenues, improve the quality of fiscal revenues, and resolutely prevent and rectify the problems of indiscriminate fees, fines, and distributions.
The implementation of active fiscal policy process, focusing on the goal of leading, grasp the policy orientation, timing efforts, strengthen the system thinking, the work can be early, early, forward implementation. First, adhere to the optimization of increment, revitalization of stock. The second is to adhere to the fine-tuning, protection of key. Third, adhere to the management of potential, spend money to ask for results. Fourth, adhere to risk prevention, serious discipline. Fifth, adhere to forward-looking planning, guide expectations.
(iii) Main Fiscal Policies 2025
Supporting the expansion of domestic demand. Vigorously boosting consumption. Comprehensively utilizing relevant fiscal and taxation policy tools, and promoting the implementation of special actions to boost consumption. We will increase efforts to safeguard people's livelihoods and increase residents' income through multiple channels. Arranging 300 billion yuan of ultra-long-term special government bonds to support the replacement of old consumer goods with new ones. It will support the expansion of consumption of health, elderly care, childcare and other services, and promote the accelerated development of new consumption hotspots such as digital, smart, cultural and tourism, and sports. It will carry out in-depth construction of pilot cities for a modern business circulation system, promote the implementation of the National Comprehensive Freight Hub Complementary Chain and Strong Chain Enhancement Initiative and the Highway and Waterway Transportation Infrastructure Digital Transformation and Upgrading Demonstration, and promote the reduction of logistics costs for the whole society. Actively expand effective investment. Coordinate the use of various types of government investment funds, focusing on key areas and weak links to increase investment, and improve the efficiency of investment. Rationalize the issuance of ultra-long-term special treasury bonds and local government special bonds, accelerate the issuance of bond fund budgets, and implement them in a timely manner to specific projects, so as to form physical workloads as early as possible. Strengthen the cooperation between finance and finance, and issue guidance to standardize the construction and operation of government and social capital cooperation stock projects. Efforts will be made to support the stabilization of foreign trade and foreign investment. Improve import and export tax policies such as tariffs, increase support for export credit insurance and export credit, and promote service trade, digital trade and the development of cross-border e-commerce and overseas warehouses. It will formulate standards and related policies for government procurement of domestic products, and guarantee equal participation of domestic and foreign-funded enterprises in government procurement activities. Accelerating the construction of a free trade port in Hainan.
Supporting the construction of a modernized industrial system. Accelerate the promotion of industrial transformation and upgrading. Strengthened support for scientific and technological innovation in the manufacturing sector, and promoted the integration and development of scientific and technological innovation and industrial innovation. Special funds in the field of manufacturing in the central financial sector were arranged at 11.878 billion yuan, an increase of 14.5%. 200 billion yuan of ultra-long-term special treasury bonds were arranged to support equipment renewal, an increase of 50 billion yuan over the previous year. Support for new technological transformation of the manufacturing industry. Construct a more scientific and efficient government investment fund management system, encourage the development of venture capital-type funds, and drive more social capital investment in a market-oriented way. Strengthen the role of enterprises in the innovation chain and industrial chain. Support enterprises to lead or participate in major national science and technology projects, and make good use of policy tools such as taxation, special funds and government procurement to enhance the innovation and development capacity of enterprises. Deepen the implementation of financial award and subsidy policies for specialized, special and new small and medium-sized enterprises, and organize the third batch of city pilots for the digital transformation of small and medium-sized enterprises. Introducing administrative measures for the development of governmental financing guarantees.
Support the implementation of the strategy of developing the country through science and education. Promote the construction of a strong education nation. Further increasing investment in education, the central-level education expenditure has been arranged at 174.443 billion yuan, up 5%. Promoting the optimization of the allocation of regional education resources, and promoting the high-quality and balanced development of compulsory education. It will gradually implement free pre-school education and promote the diversified development of senior secondary schools. A differentiated per-student funding system for vocational education based on major professional categories will be fully established. Supporting the reform and development of colleges and universities in a categorized manner, accelerating the construction of world-class universities with Chinese characteristics and superior disciplines. Raising the standards of postgraduate study scholarships for central universities and national scholarships for secondary vocational schools and ordinary high schools, and arranging for 80.945 billion yuan of subsidies from the central government for local student financial aid, an increase of 11.51 TP3 T. Promoting the construction of a strong scientific and technological country. Improving the allocation and management and utilization mechanism of science and technology funding from the central government. The central level science and technology expenditure arrangement of 398.119 billion yuan, an increase of 10%, to further focus on basic research, applied basic research, national strategic scientific and technological tasks. It will increase the proportion of science and technology expenditures for basic research, and improve the investment mechanism for basic research that combines competitive support and stable support. Fully support the key core technology research and do a good job in securing funding for major national S&T projects. Strengthen the coordination of S&T tasks and funding, and improve the categorized support mechanism that is appropriate to the mission and positioning of various innovation subjects. Strengthen the construction of national strategic scientific and technological forces and national strategic talents, and emphasize support for the cultivation of young scientific and technological talents. It will strengthen central and local coordination, and support the construction and development of international and regional scientific and technological innovation centers.
Supporting the protection and improvement of people's livelihoods. Promoting high-quality and full employment. The central financial authorities have arranged employment subsidies, implemented employment and entrepreneurship support policies, and supported the implementation of demonstration projects to enhance the capacity of public employment services. It will continue to implement the policy of phased reductions in unemployment and work-related injury insurance premium rates. Employment of college graduates and other youth groups will be given top priority, and support for migrant workers and groups with employment difficulties will be strengthened. Expanding the pilot program of occupational injury protection for people with new employment patterns, and promoting direct settlement of workers' compensation insurance for cross-provincial medical treatment. Improve the lifelong vocational skills training system. Strengthening the protection of health services. Organize and carry out the fourth batch of demonstration projects on public hospital reform and high-quality development. Improve the public health service system, and further raise the financial subsidy standard for basic public health service funding to 99 yuan per person per year. Supporting the strengthening of primary healthcare service capacity. Raising the per capita financial subsidy standard for urban and rural residents' health insurance by 30 yuan to 700 yuan per person per year. Improving the basic medical insurance financing and treatment adjustment mechanism, and promoting provincial-level coordination of basic medical insurance. Weaving a dense and solid social security net. We have cooperated to do a good job of gradual delaying the implementation of the reform of the statutory retirement age, appropriately raised the basic pensions of retirees, raised the minimum standard of the national basic pension for urban and rural residents by 20 yuan per person per month, and deeply implemented the national coordination of basic pension insurance for enterprise employees. It is promoting the smooth operation of the personal pension system and studying the expansion of the coverage of the enterprise annuity system. Strengthening basic livelihood protection for people in difficulty and promoting stratified and categorized social assistance. Supporting the strengthening of grass-roots emergency response bases and forces, and upgrading disaster prevention, mitigation and relief capabilities. Improving the policy system for supporting population development. It will strengthen the construction of an inclusive childcare service system and issue childcare subsidies. Vigorously develop inclusive elderly care services, and further support pilot projects for innovation in county elderly care service systems. Enlarging and strengthening the National Social Security Fund. Supporting the development of cultural endeavors. Improve the financial guarantee mechanism for public cultural services. Improve the investment mechanism for the systematic protection of cultural relics and cultural heritage. Encourage the creation of more literary and artistic masterpieces. Promote the enhancement of the effectiveness of international communication. Support the strengthening of youth sports.
Supporting the comprehensive revitalization of the countryside. It has continued to enhance the ability to stabilize production and maintain supply of grain and other important agricultural products. It has supported the construction of high-standard farmland and water conservancy infrastructure, and has pushed forward actions to improve the yields of large areas of grain and oil crops. It will improve agricultural subsidy policies, continue to provide incentives and support to large grain-producing counties, and launch the implementation of inter-provincial horizontal benefit compensation for grain-producing and marketing areas under the coordination of the central government. It has studied and formulated implementation opinions on accelerating the high-quality development of agricultural insurance, and has arranged for 54.053 billion yuan in premium subsidies for agricultural insurance. It will further promote the seed industry revitalization action, implement a good subsidy policy for the purchase and application of agricultural machinery, and develop agricultural socialization services. Continue to consolidate and expand the results of poverty alleviation. Arranging for 177 billion yuan of subsidies for the central government to articulate and promote rural revitalization, giving priority to supporting the development of industries that unite farmers, bring them together and enrich them. It will increase support for key groups such as those monitored for preventing the return of poverty, and give tilted support to key helping counties and centralized resettlement sites for relocation. Promote the establishment of a system of stratified and categorized support for low-income rural populations and underdeveloped areas, and study post-transitional financial support policies. Promoting rural development and construction in an orderly manner. Improve the linkage mechanism between government investment and financial and social investment, and build a diversified investment pattern for rural revitalization. It has deeply implemented the support policy for projects of integrated development of the agricultural industry, coordinated the use of funds in related fields, and gradually improved the completeness of rural infrastructure, the convenience of public services, and the comfort of the human environment. It will continue to implement policies to support universal telecommunications services. Improve the protection system of traditional villages. It will support the development of a new type of rural collective economy and promote comprehensive rural reform pilots.
Supporting new urbanization and coordinated regional development. Steadily promoting new-type urbanization. The central financial administration has arranged for 42 billion yuan in incentives for the citizenship of the agricultural transfer population, an increase of 2 billion yuan over the previous year, to enhance the ability of localities to implement policies on the citizenship of the agricultural transfer population to provide financial security. The central government is guiding places of permanent residence to strengthen their investment in basic public services, and is gradually making basic public services in cities and towns available to permanent residents who have not settled down. Supporting the implementation of urban renewal actions, promoting the transformation of old urban neighborhoods and dilapidated buildings, the renewal and transformation of underground pipelines, and urban drainage and flood prevention. Support increasing the supply of guaranteed housing. Promote coordinated regional development. Strengthen support for major cross-regional projects, and promote the implementation of major strategies such as Beijing-Tianjin-Hebei coordinated development, the development of the Yangtze River Economic Belt, the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, the integrated development of the Yangtze River Delta, and the ecological protection and high-quality development of the Yellow River Basin. The central financial authorities will continue to arrange subsidies to localities to support the accelerated development of old revolutionary areas, ethnic areas, border areas and resource-exhausted areas. It will continue to promote the construction of new land and sea corridors in the west.
Support the construction of ecological civilization. Improve the financial resources and environmental policy system. Deepen the construction of horizontal ecological protection compensation mechanisms, and guide localities to make horizontal ecological compensation more practical and deeper. Promote the market-oriented allocation of resources and environmental factors, study and improve the systems of paid use and trading of sewage rights and management of funds for compensation for ecological and environmental damages, and explore the paths for realizing the value of different ecological products according to local conditions. Formulate a framework for green sovereign bonds and promote the issuance of green sovereign bonds in due course. Strengthening ecological protection and restoration. The central government has arranged 120.5 billion yuan in transfer payments to local key ecological functional zones, an increase of 7.51 TP3T. It is promoting the protection and construction of beautiful rivers and lakes, and continuing to support the defense of the blue sky, blue water, and clean soil. In-depth implementation of the integrated protection and restoration of mountains, water, forests, fields, lakes, grasses and sands, ecological restoration of abandoned mines left over from the past, marine ecological protection and restoration, and demonstration of greening of the national territory will be carried out, as well as promoting the construction of a nature reserve system with national parks as the mainstay, and the protection of biodiversity. It will also promote the "Three Norths" project to achieve important results in landmark battles, and implement the "ecological industrialization and industrial ecologicalization" reward and subsidy policy. We will steadily promote carbon peaking and carbon neutralization. It will strengthen support for the research and development and promotion of the application of advanced green and low-carbon technologies, strongly support the development of renewable energy, continue to promote new energy vehicles, support the construction of a recycling system for waste materials, and optimize the government's green procurement policy.
Support for national defense, diplomacy and political and legal work.
(iv) Projected General Public Budget Revenue and Expenditure Arrangement for 2025
1. Centralized general public budget
Revenue from the central general public budget was 9,696 billion yuan, a decrease of 3.51 TP3T (an increase of 2.11 TP3T after excluding one-time factors) from the 2024 execution figure. Together with the transfer of 100 billion yuan from the Central Budget Stabilization and Adjustment Fund and 90 billion yuan from the central state-owned capital operation budget, the total revenue amounted to 9,886 billion yuan. The central general public budget expenditure of 1,474.6 billion yuan, an increase of 4.5%. the total amount of revenues and expenditures offset the central fiscal deficit of 486.0 billion yuan, an increase of 152.0 billion yuan over 2024, which was made up by the issuance of treasury bonds.
(1) Central government expenditure of 4354.5 billion yuan, an increase of 6.91 TP3T, zero growth after deducting key protection expenditure.
(2) Transfers to localities of 103,415.5 billion yuan, excluding one-time factors such as subsidies for post-disaster restoration and reconstruction and upgrading of disaster prevention, mitigation and relief capacity arranged through the additional issuance of treasury bonds in 2023 and carried over to the 2024 funding, representing a same-caliber increase of 8.41 TP3T.
(3) The central reserve is $50 billion, the same as in 2024.
2. Local general public budget
Local general public budget revenue at the local level 122,890 billion yuan, an increase of 3%.Together with the central government's transfer revenue of 103,415 billion yuan to localities, local financial transfers and the use of carry-over balances of 186,550 billion yuan, the total amount of revenue was 244,960 billion yuan. Local general public budget expenditure of 252,960 billion yuan, an increase of 3.7%. local fiscal deficit of 800 billion yuan, an increase of 80 billion yuan over 2024, made up through the issuance of local government general bonds.
3. National general public budget
Summarizing the central and local budgets, the nation's general public budget revenue was 2,198.5 billion yuan, an increase of 0.1%. Together with the transfer of funds and the use of carry-over balances of 2,055.5 billion yuan, the total revenue amounted to 2,404.5 billion yuan. The national general public budget expenditure of 297,005,000,000,000 yuan (including the central reserve of 50,000,000,000 yuan), an increase of 4.4%. deficit of 566,000,000,000 yuan, 1,600,000,000,000 yuan more than in 2024.
(v) Projected Revenues and Expenditure Arrangements for 2025 Governmental Fund Budgets
The central government fund budget revenue of 508.378 billion yuan, an increase of 7.4%. Together with the previous year's carry-over revenue of 38.497 billion yuan, ultra-long-term special treasury bond revenue of 1.3 trillion yuan, and central financial institutions injected special treasury bond revenue of 500 billion yuan, the total amount of revenue was 234.6875 billion yuan. The budgetary expenditure of the central government funds amounted to 23468.75 billion yuan.
Local government fund budget revenue of 574.531 billion yuan, an increase of 0.1%. Together with the central government's fund budget transfer revenue to localities of 1,268.103 billion yuan, 4,400 billion yuan of revenue from local government special debt, the total revenue was 1,140.9634 billion yuan. Local government fund budget expenditure of 1,140,963.4 billion yuan, an increase of 17.9%.
Summarizing the central and local budgets, the national governmental fund budget revenue of 6,249,909,000,000 yuan, an increase of 0.7%. Together with the carry-over revenue of 38,497,000,000 yuan from the previous year, the revenue of 1,300,000,000 yuan from the ultra-long-term special treasury bonds, the revenue of 500,000,000,000 yuan from the injection of funds by central financial institutions into the special treasury bonds, and the revenue from the special debts of the local government of 4,400,000,000 yuan, the total revenue amounted to 124,884,600 The total revenue amounted to 124,884.06 billion yuan. The national government fund budget expenditure of 124,884.06 billion yuan, an increase of 23.1%.
(vi) Projected revenue and expenditure arrangement of the state capital operation budget in 2025
The central state-owned capital operation budget revenue of 225.029 billion yuan, down 0.1%. together with the previous year's carry-over revenue of 5.42 billion yuan, the total revenue of 230.449 billion yuan. Central state-owned capital operation budget expenditure 140.449 billion yuan, down 9.7%.
Local state-owned capital operation budget revenue of 407.775 billion yuan at the local level, down 10%, mainly due to the decline in profits of local state-owned enterprises in 2024. Local state-owned capital operation budget expenditure of 145.245 billion yuan, down 10%.
Summarizing the central and local budgets, the national state-owned capital operation budget revenue of 632.804 billion yuan, down 6.7%. Together with the carry-over revenue of 5.42 billion yuan from the previous year, the total revenue amounted to 638.224 billion yuan. The national state-owned capital operation budget expenditure of 282.308 billion yuan, down 9.8%. transferred to the general public budget 355.916 billion yuan.
(vii) Projected income and expenditure arrangements for the budget of the Social Insurance Fund in 2025
The central social insurance fund budget revenue of 35.517 billion yuan, a decline of 8.7%, mainly due to the comprehensive consideration of the fund's rolling balance and other circumstances, the financial subsidies to the fund in 2025 will be reduced accordingly; expenditures of 38.505 billion yuan, an increase of 5.2%.
The budgeted revenue of local social insurance funds amounted to 1,241.1567 billion yuan, an increase of 4.71 TP3T; the expenditure amounted to 1,129.972 billion yuan, an increase of 6.91 TP3T.
Summarizing the central and local budgets, the national social insurance fund budget revenue was 1,244,715,400,000,000 yuan, an increase of 4.6%. The national social insurance fund budget expenditure was 1,133,375,777,000,000 yuan, an increase of 6.9%. the current year's balance of revenues and expenditures was 110,950,577,000,000 yuan, with a rolling balance at the end of the year of 1,544,680,800,000,000 yuan.
In 2025, the national debt limit will be 418,608.35 billion yuan; the local government general debt limit will be 180,689.22 billion yuan, and the special debt limit will be 399,185.08 billion yuan.
III. Solid work on fiscal reform and development in 2025
(i) Implementation of the requirement for party and government organs to adhere to a tight schedule
(ii) Promoting scientific financial management
(iii) Deepening the reform of the fiscal and taxation system
(iv) Securing the "three guarantees" at the grass-roots level
(v) Preventing and resolving local government debt risks
(vi) Increased financial and accounting oversight
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