Report on China’s 2012 draft budgets

The Ministry of Finance, on behalf of the State Council, on Monday submitted a report on the implementation of 2011 central and local budgets and on the draft budgets for 2012 to the annual full session of the 11th National People’s Congress (NPC), China’s top legislature.

Following are some facts and figures from the report:

Total combined revenue in the draft central and local budgets for 2012 is targeted at 11.63 trillion yuan.

Total expenditures in the draft central and local budgets amount to 12.43 trillion yuan, up 14.1 percent year-on-year. The budgeted deficit is 800 billion yuan.

Main revenue items in the 2012 central budget with year-on-year changes:

— revenue from domestic VAT, 2.025 trillion yuan, up 10.8 percent;

— revenue from domestic excise tax, 770 billion yuan, up 11 percent;

— revenue from customs duties as well as VAT and excise tax on imports, 1.7528 trillion yuan, up 8.7 percent;

— revenue from corporate income tax, 1.112 trillion yuan, up 11 percent;

— revenue from individual income tax, 340 billion yuan, down 6.4 percent;

— VAT and excise tax rebates on exports, 995 billion yuan, up 8.1 percent;

— non-tax revenue, 282.6 billion yuan, up 5.6 percent.

Main expenditure items in 2012 central budget with year-on-year changes:

— education, 378.132 billion yuan, up 6.4 percent;

— science and technology, 228.546 billion yuan, up 12.4 percent;

— culture, sports, and media, 49.384 billion yuan, up 18.7 percent;

— medical and health care, 203.505 billion yuan, up 16.4 percent;

— social security and employment, 575.073 billion yuan, up 21.9 percent;

— guaranteeing adequate housing, 211.755 billion yuan, up 23.1 percent;

— agriculture, forestry, and water conservancy, 549.145 billion yuan, up 14.8 percent;

— energy conservation and environmental protection, 176.91 billion yuan, up 9 percent;

— transportation, 356.593 billion yuan, up 8.1 percent;

— resource exploration, electricity, and information, 87.726 billion yuan, up 6.1 percent;

— stockpiling grain, edible oils, and other materials, 97.419 billion yuan, up 9.4 percent;

— national defense, 650.311 billion yuan, up 11.4 percent.