BEIJING, March 15 (Xinhuanet) -- The following is the full text of the Report on the Implementation of the Central and Local Budgets for 2004 and on the Draft Central and Local Budgets for 2005, submitted to the Third Session of the Tenth National People's Congress on March 5, 2005.    

    REPORT ON THE IMPLEMENTATION OF THE CENTRAL AND LOCAL BUDGETS FOR 2004 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2005    

    (Third Session of the Tenth National People's Congress, March 5, 2005)    

    Ministry of Finance of the People's Republic of China     

    Fellow Deputies,

    The Ministry of Finance has been entrusted by the State Councilto submit this report to the Third Session of the Tenth National People's Congress (NPC) on the implementation of the central and local budgets for 2004 and on the draft central and local budgets for 2005 for your examination and approval and also for comments and suggestions from the members of the National Committee of the Chinese People's Political Consultative Conference (CPPCC).

    I. Implementation of the Central and Local Budgets for 2004    

    All local authorities and departments conscientiously implemented the principles and policies set by the central authorities and the related decisions and resolutions passed at the Second Session of the Tenth NPC in 2004. There was continued progress in economic development and in all social undertakings and people's lives improved. The central and local budgets were implemented well.

    From a base of just over 2 trillion yuan for 2003, national revenue rose to 2.635588 trillion yuan (excluding revenue from generation of debt, both here and below), 464.063 billion yuan or 21.4 percent more than the previous year and representing 111.8 percent of the budgeted figure. National expenditures totaled 2.836079 trillion yuan, an increase of 371.084 billion yuan or 15.1 percent year-on-year and representing 105.9 percent of the budgeted figure. Expenditures exceeded revenue by 200.491 billion yuan. 

    Total revenue in the central budget amounted to 1.508154 trillion yuan, up 215.071 billion yuan (after deducting the additional 127.532 billion yuan used for export tax rebates), or 16.6 percent over the previous year and representing 109.1 percentof the budgeted figure. Total expenditures in the central budget came to 1.827439 trillion yuan (including 1.037877 trillion yuan in tax rebates and subsidies for local authorities), 214.588 billion yuan or 13.3 percent more than the previous year and representing 107.4 percent of the budgeted figure. The deficit in the central budget was 319.285 billion yuan, 545 million yuan lessthan the 319.83 billion yuan approved at the Second Session of theTenth NPC. Total revenue in local budgets amounted to 2.225853 trillion yuan (including tax rebates and subsidies granted by the central government), an increase of 414.714 billion yuan or 22.9 percent year-on-year and representing 112.6 percent of the budgeted figure. Total expenditures in local budgets came to 2.10705 9 trillion yuan (including 60.542 billion yuan turned over to the central government), 322.218 billion yuan or 18.1 percent more than the previous year and representing 106.6 percent of the budgeted figure. Local revenue exceeded expenditures by 118.794 billion yuan and this surplus is to be rolled over into the budgetfor this year. These figures may change a little when the final accounts are prepared.