expenditu◆res were 7.

an, an●

?321.558 billi〓on yuan or 9.8◆%. The central budge■t stabilization fun〓d contributed 50■.5 billion yu◆an, raising th■e total reve■nue used by t○he central gove●rnment to 3.640114 ■trillion yuan. Exp○enditures 〓of the central gover○nment were 4.390114○ trillion yuan, 100.〓1% of the bu〓dgeted figure■ and an inc●rease of 851.258 ○billion yuan o■r 24.1%. The〓y consisted of ○1.527984 t○rillion yuan○ of central g○overnment spending, ■an increase of 14〓.5%, and 2.86213 ◆trillion yuan of◆ tax rebates● and transf○er payments■ to local govern◆ments, up 29.◆8%. Central 〓government expendit◆ures exceeded reve●nue, resulting in a● budget defici■t


of 750 b〓illion yuan, w■hich was t●he budgeted figu●re. The ou○tstanding balance〓 on government bond○s in the centr○al budget a■t the end of 20●09 was 6.023○768 trillio○n yuan, which wa○s under budge◆ted ceiling of 6.270○835 trillio○n yuan for t○he year. C●entral government t●ax rebates◆ and transfer payme○nts made to local ●governments. In 20●09, central governm●ent tax rebates and● transfer payments m●ade to loc◆al governments total■ed 2.86213 trilli■on yuan, 99.1% of th〓e budgeted figure■. This discrep◆ancy was mainly○ due to less● spending on disaste◆r relief than estima●ted at the● beginning of th■e year, resulting ●in a decrease ◆in transfer payme■nts. This 〓total consiste■d of 494.227 billio〓n yuan of ●tax rebates, an in◆crease of 48.2%, ◆with the increas■es coming m〓ainly from implem◆entation of the○ reform of tax○es and fees on 〓refined oil pr〓oducts (accor●ding to regulations,◆ the central gov〓ernment is requ●ired to rebate in○creases in sales t○ax on refined o○il products to l●ocal gover●nments); 1.13198〓9 trilli

e〓d by th

on ●yuan of gene◆ral transfer payment●s, an increase of 2■9.4%; 1.235914■ trillion yuan of● special tr●ansfer payment●s, an increase of ●24.1%, the majority〓 of which consisted ■of increased centra〓l government s〓pending for● investment an●d stimulating ■consumptio■n, which was p●rovided to local ●governments i●n the form of subsid○ies. A total of○ 39.1% of 〓local gove〓rnment spending c●ame from central〓 government transf○er payments. Reven○ue of local governme■nts was 6.120204 tri〓llion yuan, a●n increase of 1.0■50786 trillion yua〓n or 20.7%. Thi〓s consisted of 3.●258074 trillion yua○n collected b◆y local governmen■ts, amounting to 53.●2% of total reven○ue, and 2.86213 t◆rillion yua●n of tax reb○ates and tr■ansfer paymen〓ts from the ●central governme●nt, amount■ing to 46.8% o■f total revenue. ◆Local gover○nment expen●ditures were 6.0593●8 trillion ◆yuan, an increase■ of 1.13453●1 trillion y◆uan or 23%. Lo〓cal governm●ent expenditur〓es carried■ over to 2010 (〓mainly because so〓me of the money was◆ not used for its in■tended

e cent

purp■oses in 2009●, and a portion of ◆the funds wi〓ll be used this■ year for the s◆ame purposes) amo●unted to 260.824 bil○lion yuan. Expe◆nditures exceeded● revenue by 200 bill○ion yuan. With th■e approval of the〓 State Council, th○e Ministry of Fi◆nance offset t○his shortfall by i◆ssuing local gove■rnment bonds o〓n behalf of local g〓overnments. 〓The State Cou●ncil recently■ approved a plan ●offering sub●sidies to ■those who buy new au■tomobile and home ■appliances to rep●lace what they a■lready own.○ The policy ◆itself enta■ils fiscal spen●ding of 7-b●illion-yuan. B◆ut experts say th○at if the program○me is well designe■d and mana●ged, it could ◆create consumer ○consumption w○orth hundreds of bil●lions of yua●n.The subsidy◆ plan is design◆ed to benefit cons○umers repl◆acing their old ve■hicles and ho◆me appliances. ■For exampl◆e, for home appli◆ance replacement●s, purchasers can en〓joy a direct ◆price reductio○n when buying new〓 home appli〓ances. The subsidy i●s up to 10 percent o○f the retail pr○ice on five 〓categories of

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