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Communist Party

of China an

orm, opening▓ up and socialist modernization. The central and local budgets were satisfactorily implemen?/p> d the guidan

ce of Deng

坱ed and fresh progress was made in reform and development of the public finance system. National revenu

 Xiaoping

Theory and t

e reached 6.13169 trillion yuan, an increase of 999.512 billion yuan or 19.5% over 2007 (both here and b

he important

thought

of Three Re

elow), equivalent to 104.8% of the target. This▓ consists of 3.267199 trillion yuan collected by the central government and 2.864491 trillion yuan▓ collected by local governments. Added to the 110 billion yuan taken from the central budget stabilization fund, total revenue came to 6.24169 trillion yuan. National expenditures amounted to 6.242703 trillion yuan, an inc▓rease of 1.264568 trillion yuan or 25.4%, equiv

presents,

alent to ▓101.7% of the target. This figure consists of 1.337431 trillion yuan used by the central government and 4.905272 trillion yuan used by local governments. Added to the 19.2 billion yuan set aside for the central budget stabilization fund, total expendi▓tures amounted to 6.261903 trillion yuan. Revenue in the central bu▓dget totaled 3.361192 trillion yuan, an increase of 499.997 billion yuan or 17.5%, equivalent to 103.3%of the target. This consists of 3.267199 trillion yua▓n directly collected by the central government and 93.9▓93 billion yuan turnedover by local governments. Added to the 110 billion yuan from the central budget stabilization fund, total revenue cam▓e to 3.471192 trillion yuan. Expenditures in the central budget totaled 3.631992 trillion yuan, an increase of 673.997 billion yuan or 22.8%, equivalent ▓to 102.5% of the target. This figure consists of 1.337431 trillion yuan used by the central government and 2.294561trillion yuan in tax rebates and transfer payments to local governments. A total of 19.2 billion yuan was set aside f▓or the central budget stabilization fund. Total expenditures thus added up to 3.651192 trillion yuan. Expenditures exceeded revenue, leaving a deficit of 180 billion yuan, which was within the target approved at th▓e First Session of the Eleventh NPC. The outstanding balance o▓f government bonds in the central budget at the end of 2008 totaled 5.327076 trillion yuan, which was under the set limit of 5.518585 trillion yuan. The central government's tax rebates and transfer payments to local governme▓nts. The central government turned over 2.294561 trillion yuan in tax rebates and transfer p▓ayments to local governments in 2008, an increase of 480.772 billion yuan or 26.5%, represent▓ing 106.1%

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