China's national revenue exceeded 2 trillion yuan for the first time to reach 2.1691 trillion yuan in 2003, said Minister of Finance Jin Renqing Saturday at the Second Session of the Tenth National People's Congress (NPC).

The central and local budgets were implemented fairly well last year despite a complex and volatile international situation, the unexpected outbreak of the severe acute respiratory syndrome (SARS) and frequent natural disasters, Jin told the national legislature.

National revenue, excluding revenue from generation of debt, was 278.7 billion yuan or 14.7 percent more than the previous year and 105.8 percent of the budgeted figure, the minister said in a report on the implementation of the central and local budgets for 2003 and on the draft central and local budgets for 2004.

National expenditures totaled 2.4607 trillion yuan, an increase of 255.4 billion yuan or 11.6 percent year-on-year and 103.8 percent of the budgeted figure. Expenditures exceeded revenue by 291.6 billion yuan.

Total revenue in the central budget amounted to 1.2465 trillion Yuan after allowing for the additional 82.9 billion yuan used in export tax rebates, up 109.3 billion yuan or 9.6 percent over the previous year and 104.4 percent of the budgeted figure.

Total expenditures in the central budget came to 1.5663 trillion yuan, including 824 billion yuan in tax rebates and subsidies for local authorities, 119.5 billion yuan or 8.3 percent more than the previous year and 103.5 percent of the budgeted figure. The deficit in the central budget was held to 319.8 billion yuan as approved at the First Session of the Tenth NPC, the minister said.

(Xinhua News Agency March 6, 2004)