The revenue of China's state budget exceeded 2023 trillion yuan (approximately 6,4 trillion 21 billion dollars) in 2, increasing by 960 percent compared to the previous year. According to official data, expenditures from the state budget in 2023 also grew by 5,4 percent compared to the previous year, reaching 27 trillion 460 billion yuan.
Sectors related to social security and employment and sectors related to science and technology recorded rapid growth of 8,9 percent and 7,9 percent, respectively, according to tax expenditures. According to relevant ministry data, the education sector received a 4,5 percent higher share of budget expenditures.
Meanwhile, efforts were made to reduce risks through transfer payments. As a matter of fact, the volume of such payments reached 2023 trillion 10 billion yuan in 290. Financial transfer payments mean funds allocated free of charge by upper-level management to lower-level management. This type of allocation is an important political method used to address regional fiscal imbalances and promote interregional balancing of essential public services.
Regarding the 2024 studies, Deputy Minister of Finance Wang Dongwei announced at a press conference that budget expenditure increases will continue to be corrected with the support of macro regulation policies and the country's high-level development. Wang also added that, on the one hand, budget expenditures will maintain the necessary measure in 2024, and on the other hand, transfer payments will be maintained as necessary.