China posts $123 billion fiscal deficit for 2010
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China.org.cn, June 28, 2011
Expenditures of the China central government exceeded revenue in 2010, which has made its fiscal deficit reach 800 billion yuan ($123.52 billion), said Xie Xuren, Finance Minister, on Monday.
China budgeted 1.05 trillion yuan ($162.16 billion) of fiscal deficit last year to support economic growth.
The central government's fiscal revenue hit nearly 4.26 trillion yuan in 2010, about 1.8 billion yuan more than the budgetary figure.
The government's total central fiscal expenditure totaled nearly 5.06 trillion yuan, 830 million yuan more than the budgetary figure.
The total central fiscal expenditure included central government spending, 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, Xie added.
China's fiscal deficit hit 950 billion yuan in 2009, a record high in six years.
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