China reports stable 2023 central government finances

China’s central government finances remained generally stable in 2023, according to a report delivered to the National People’s Congress Standing Committee.

The report, presented by Finance Minister Lan Fo’an on behalf of the State Council, highlighted progress in financial reform and development throughout the year.

Key financial figures:

The central government’s general public budget revenue reached 9.96 trillion yuan ($1.4 trillion), representing 99.4 per cent of the budgeted amount.

General public budget expenditure came in at 14.11 trillion yuan, reflecting 97.9 per cent of the adjusted budget.

China had transferred on May about 8.84 trillion yuan from the central government to local governments, constituting 86.6% per cent of the annual budget allocation.

The report outlines the Ministry of Finance’s key priorities for the coming period. These include, implementing established fiscal policies, strengthening support for basic livelihoods, and refining the management of local government debt.

Attribution: Xinhua report on Wednesday