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Full text: Report on China's central, local budgets(3)

2013-02-28 14:28 Xinhua     Web Editor: Mo Hong'e comment

1) Implementation of main items in the central budget

(1) Main revenue items and use of surplus revenue

On the whole, the revenue situation was good in 2011, which reflected factors including steady and robust economic growth, good corporate performance, price increases, improved tax collection and administration, and the placement of past off-budget funds under budgetary management. Central government revenue exceeded the budgeted figure by 544.6 billion yuan, mainly because revenue projections in early 2011 were based on calculations using relevant targets for economic and social development. As it turned out, most economic indicators surpassed forecasts in the course of implementing the budget, and consequently tax revenue exceeded the budgeted figure. Specifically, imports greatly exceeded the figure projected at the start of the year, up 24.9%, and revenue from import taxes surpassed the budgeted figure by 272.9 billion yuan. The value added of large industrial enterprises increased by 13.9%; fixed asset investment, 23.6%; retail sales of consumer goods, 17.1%; the consumer price index, 5.4%; the output producer price index (PPI), 6%; and the input PPI, 9.1%. All of these increases exceeded forecasts at the beginning of the year, and revenue from domestic value-added tax (VAT) and excise tax surpassed the budgeted figure by 114.3 billion yuan. Profits of large industrial enterprises nationwide rose 25.4%, higher than projected early last year, and corporate income tax revenue exceeded the budgeted figure by 164.2 billion yuan. (Export tax rebates surpassed the budgeted figure by 120 billion yuan, which resulted in a decrease in revenue by the same amount.)

Main revenue items

Domestic VAT revenue was 1.827739 trillion yuan, 104% of the budgeted figure; domestic excise tax revenue, 693.593 billion yuan, 106.7% of the budgeted figure; receipts from VAT and excise tax on imports, 1.356026 trillion yuan, 120.9% of the budgeted figure; revenue from customs duties, 255.91 billion yuan, 117.9% of the budgeted figure; corporate income tax revenue, 1.002181 trillion yuan, 119.6% of the budgeted figure; individual income tax revenue, 363.306 billion yuan, 116.4% of the budgeted figure; VAT and excise tax rebates on exports, 920.474 billion yuan, 115% of the budgeted figure; and non-tax receipts, 267.695 billion yuan, 128.7% of the budgeted figure.

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