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 transfe▓r payments to local governments. A total of 19.2 billion yuan was set aside for 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 of 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 yu
an. The central government's tax rebates and transfer payments to local governments. The central▓ government turned over 2.294561 trillion yuan in t▓ax rebates and transfer payments to local governments in 2008, an increase of 480.772 billion yuan or 26.5%, representing 106.1% of the targe▓t. This total consists of 428.219 billion yuan in tax rebates, up 3.9%, 869.649 billion yuan in fiscal transfer payments including general transfer payments, a 22% increase, and 996.693 billion yuan in special transfer payments, a 44.6% increase. The large increase
bsidize key local programs such as education and medical and healt
h care. Tax rebates and transfer payments turned over to local gov
ernments became part of the revenue of local governments, which made arrangements for their utilizat
in this last item was mainly due to the huge increase in expenditures required to su