双语：关于2019年中央和地方预算执行情况与2020年中央和地方预算草案的报告

关于2019年中央和地方预算执行情况与2020年中央和地方预算草案的报告

REPORT ON THE EXECUTION OF THE CENTRAL AND LOCAL BUDGETS FOR 2019 AND ON THE DRAFT CENTRAL AND LOCAL BUDGETS FOR 2020文章源自英文巴士-https://www.en84.com/9341.html

 文章源自英文巴士-https://www.en84.com/9341.html

——2020年5月22日在第十三届全国人民代表大会第三次会议上文章源自英文巴士-https://www.en84.com/9341.html

Third Session of the 13th National People’s Congress of the People’s Republic of China文章源自英文巴士-https://www.en84.com/9341.html

May 22, 2020文章源自英文巴士-https://www.en84.com/9341.html

 文章源自英文巴士-https://www.en84.com/9341.html

财政部文章源自英文巴士-https://www.en84.com/9341.html

Ministry of Finance文章源自英文巴士-https://www.en84.com/9341.html

 文章源自英文巴士-https://www.en84.com/9341.html

各位代表：文章源自英文巴士-https://www.en84.com/9341.html

Esteemed Deputies,

受国务院委托，现将2019年中央和地方预算执行情况与2020年中央和地方预算草案提请十三届全国人大三次会议审议，并请全国政协各位委员提出意见。

The Ministry of Finance has been entrusted by the State Council to submit this report on the execution of the central and local budgets for 2019 and on the draft central and local budgets for 2020 to the present Third Session of the 13th National People’s Congress (NPC) for your deliberation and for comments from members of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC).

一、2019年中央和地方预算执行情况

I. Execution of the 2019 Central and Local Budgets

2019年，面对国内外风险挑战明显上升的复杂局面，在以习近平同志为核心的党中央坚强领导下，各地区各部门以习近平新时代中国特色社会主义思想为指导，全面贯彻党的十九大和十九届二中、三中、四中全会精神，增强“四个意识”、坚定“四个自信”、做到“两个维护”，落实党中央、国务院决策部署，严格执行十三届全国人大二次会议审查批准的预算，坚持稳中求进工作总基调，深入贯彻新发展理念，坚持以供给侧结构性改革为主线，推动高质量发展，扎实做好“六稳”工作，统筹推进稳增长、促改革、调结构、惠民生、防风险、保稳定，保持经济社会持续健康发展，完成全年主要目标任务，为全面建成小康社会打下决定性基础。中央和地方预算执行情况较好。

In 2019, we faced a complicated terrain of significantly increasing risks and challenges both in China and abroad. Under the strong leadership of the Central Committee of the Communist Party of China (CPC) with Comrade Xi Jinping at its core, all regions and departments followed the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and fully applied the guiding principles of the 19th CPC National Congress and the second, third, and fourth plenary sessions of the 19th CPC Central Committee. We strengthened our consciousness of the need to maintain political integrity, think in big-picture terms, follow the leadership core, and keep in alignment with the central Party leadership; increased our confidence in the path, theory, system, and culture of socialism with Chinese characteristics; and upheld General Secretary Xi Jinping’s core position on the Party Central Committee and in the Party as a whole and upheld the Party Central Committee’s authority and its centralized, unified leadership. We fulfilled the decisions and plans made by the Party Central Committee and the State Council, and implemented with rigor the budgets reviewed and approved by the Second Session of the 13th NPC.

Following the general principle of pursuing progress while ensuring stability, we continued to act on the new development philosophy, persisted in making supply-side structural reform our main task, and worked for high-quality development. We successfully ensured stability on six fronts,^* and through coordinated efforts, achieved stable growth, promoted reform, advanced structural adjustments, improved living standards, prevented risks, and maintained stability.

(*The six fronts refer to employment, the financial sector, foreign trade, foreign investment, domestic investment, and expectations.)

As a result, sustained and healthy economic and social development were achieved and the main targets and tasks for the year were accomplished, which have laid a decisive foundation for building a moderately prosperous society in all respects. Execution of both central and local budgets was satisfactory.

（一）2019年一般公共预算收支情况。

1. General public budgetary revenue and expenditure in 2019

1．全国一般公共预算。

1) National general public budget

全国一般公共预算收入190382.23亿元，为预算的98.9%，比2018年增长3.8%。其中，税收收入157992.21亿元，增长1%；非税收入32390.02亿元，增长20.2%，主要是中央财政增加特定国有金融机构和央企上缴利润、地方财政加大盘活国有资源资产力度。加上调入资金及使用结转结余22160.95亿元（包括中央和地方财政从预算稳定调节基金、政府性基金预算、国有资本经营预算调入资金，以及地方财政使用结转结余资金），收入总量为212543.18亿元。全国一般公共预算支出238874.02亿元，完成预算的101.5%，增长8.1%。加上补充中央预算稳定调节基金1269.16亿元，支出总量为240143.18亿元。收支总量相抵，赤字27600亿元，与预算持平。

Revenue in the national general public budget was 19.038223 trillion yuan, representing 98.9% of the budgeted figure, an increase of 3.8% over 2018. Revenue included tax receipts of 15.799221 trillion yuan, an increase of 1%, and non-tax revenue of 3.239002 trillion yuan, an increase of 20.2%. This rise was due mainly to the central finance authorities increasing the amount of profits to be turned in by certain state-owned financial institutions and enterprises directly under the central government, and to local finance authorities putting more state-owned resources and assets to good use. Adding in 2.216095 trillion yuan of funds from other sources and utilized carryover and surplus funds (this includes funds transferred from the Central Budget Stabilization Fund and local budget stabilization funds, the budgets of central and local government-managed funds, and the budgets of central and local government state capital operations; and carryover and surplus funds used by local governments), total revenue came to 21.254318 trillion yuan.

Expenditure in the national general public budget was 23.887402 trillion yuan, representing 101.5% of the budgeted figure and an increase of 8.1%. With the addition of 126.916 billion yuan used to replenish the Central Budget Stabilization Fund, total expenditure rose to 24.014318 trillion yuan. Total expenditure exceeded total revenue, leaving a deficit of 2.76 trillion yuan, which is consistent with the figure projected.

2．中央一般公共预算。

2) Central general public budget

中央一般公共预算收入89305.41亿元，为预算的99.4%，增长4.5%。加上从中央预算稳定调节基金调入2800亿元，从中央政府性基金预算、中央国有资本经营预算调入394亿元，收入总量为92499.41亿元。中央一般公共预算支出109530.25亿元，完成预算的98.4%，增长7%，其中，本级支出35115.15亿元，完成预算的99.2%，增长6%；对地方转移支付74415.1亿元，完成预算的98.7%，增长7.5%。加上补充中央预算稳定调节基金1269.16亿元，支出总量为110799.41亿元。收支总量相抵，中央财政赤字18300亿元，与预算持平。

Revenue in the central government’s general public budget was 8.930541 trillion yuan, representing 99.4% of the budgeted figure and an increase of 4.5%. Adding in the transfer of 280 billion yuan from the Central Budget Stabilization Fund and 39.4 billion yuan from the budgets of central government-managed funds and central government state capital operations, total revenue came to 9.249941 trillion yuan.

Expenditure in the central government’s general public budget totaled 10.953025 trillion yuan, representing 98.4% of the budgeted figure and an increase of 7%. This figure includes: central government expenditures of 3.511515 trillion yuan, representing 99.2% of the budgeted figure and a 6% increase; and transfer payments to local governments of 7.44151 trillion yuan, representing 98.7% of the budgeted figure and a 7.5% increase. With the addition of 126.916 billion yuan contributed to the Central Budget Stabilization Fund, total expenditure reached 11.079941 trillion yuan. Total expenditure exceeded total revenue, leaving a deficit of 1.83 trillion yuan, which is consistent with the figure projected.

中央一般公共预算主要收入项目具体情况是：国内增值税31161.01亿元，为预算的103.7%。国内消费税12561.52亿元，为预算的108.5%。进口货物增值税、消费税15812.3亿元，为预算的93.1%。关税2889.11亿元，为预算的105.1%。企业所得税23786亿元，为预算的97.4%。个人所得税6234.14亿元，为预算的80.5%，主要是提高基本减除费用标准、实施专项附加扣除政策等减税规模超出预期。出口货物退增值税、消费税16503.2亿元，为预算的103.5%。

Main revenue items in the central government’s general public budget: Domestic value-added tax (VAT) revenue was 3.116101 trillion yuan, 103.7% of the budgeted figure. Domestic excise tax revenue amounted to 1.256152 trillion yuan, 108.5% of the budgeted figure. Revenue from VAT and excise tax on imports totaled 1.58123 trillion yuan, 93.1% of the budgeted figure. Revenue from customs duties came to 288.911 billion yuan, 105.1% of the budgeted figure. Corporate income tax revenue was 2.3786 trillion yuan, 97.4% of the budgeted figure. Individual income tax revenue was 623.414 billion yuan, 80.5% of the budgeted figure, which was mainly down to a rise in the individual income tax threshold and a larger-than-expected scale of tax cuts in implementing the policy on special additional individual income tax deductions and other policies. VAT and excise tax rebates on exports totaled 1.65032 trillion yuan, 103.5% of the budgeted figure.

中央一般公共预算本级主要支出项目具体情况是：一般公共服务支出1985.16亿元，完成预算的99.7%。外交支出615.39亿元，完成预算的98.1%。国防支出11896.56亿元，完成预算的100%。公共安全支出1839.45亿元，完成预算的102.3%。教育支出1835.88亿元，完成预算的100%。科学技术支出3516.18亿元，完成预算的99.2%。粮油物资储备支出1204.04亿元，完成预算的102.3%。债务付息支出4566.62亿元，完成预算的91.4%。

Main expenditures in the central government’s general public budget: General public service expenditures reached 198.516 billion yuan, 99.7% of the budgeted figure. Spending on foreign affairs totaled 61.539 billion yuan, 98.1% of the budgeted figure. National defense spending was 1.189656 trillion yuan, 100% of the budgeted figure. Public security expenses totaled 183.945 billion yuan, 102.3% of the budgeted figure. Spending on education came to 183.588 billion yuan, 100% of the budgeted figure. Spending on science and technology amounted to 351.618 billion yuan, 99.2% of the budgeted figure. Spending on stockpiling grain, edible oils, and other materials was 120.404 billion yuan, 102.3% of the budgeted figure. Interest payments on debt were 456.662 billion yuan, 91.4% of the budgeted figure.

中央对地方转移支付具体情况是：一般性转移支付66849.4亿元，完成预算的98.7%，其中，共同财政事权转移支付31903.25亿元，完成预算的100.2%；专项转移支付7565.7亿元，完成预算的99.1%。

Central government transfer payments made to local governments: General transfer payments totaled 6.68494 trillion yuan, 98.7% of the budgeted figure. This figure includes transfer payments for shared fiscal powers of 3.190325 trillion yuan, 100.2% of the budgeted figure. Special transfer payments reached 756.57 billion yuan, 99.1% of the budgeted figure.

2019年中央一般公共预算结余1269.16亿元（其中，中央预备费当年未支出，形成结余500亿元），全部转入中央预算稳定调节基金。通过收回中央财政结转资金补充3000亿元。2019年末，中央预算稳定调节基金余额5272.49亿元。

In 2019, there was a 126.916 billion yuan surplus in the central general public budget (this includes the unspent central government reserve funds, amounting to 50 billion yuan). The full amount of the surplus, together with 300 billion yuan in recovered central government carryover funds, was transferred to the Central Budget Stabilization Fund. At the end of 2019, the Central Budget Stabilization Fund had a balance of 527.249 billion yuan.

3．地方一般公共预算。

3) Local general public budget

地方一般公共预算收入175491.92亿元，其中，本级收入101076.82亿元，增长3.2%；中央对地方转移支付收入74415.1亿元。加上地方财政从地方预算稳定调节基金、政府性基金预算、国有资本经营预算调入资金及使用结转结余18966.95亿元，收入总量为194458.87亿元。地方一般公共预算支出203758.87亿元，增长8.5%。收支总量相抵，地方财政赤字9300亿元，与预算持平。

Revenue in the local general public budget was 17.549192 trillion yuan. This figure includes 10.107682 trillion yuan in local government revenue, an increase of 3.2% over 2018, and 7.44151 trillion yuan in transfer payments from the central government. With the addition of 1.896695 trillion yuan of funds transferred from local budget stabilization funds, local government-managed funds, and the local state capital operations budget as well as utilized carryover and surplus funds, total revenue reached 19.445887 trillion yuan. Expenditures in the local general public budget totaled 20.375887 trillion yuan, an 8.5% increase. Total expenditure exceeded total revenue, creating a local government deficit of 930 billion yuan, which is consistent with the figure projected.

（二）2019年政府性基金预算收支情况。

2. Budgetary revenue and expenditure of government-managed funds in 2019

按照地方政府债务管理有关规定，地方政府专项债务收支纳入政府性基金预算管理。

In accordance with regulations concerning the management of local government debt, revenue and expenditure generated from special local government debt are included in the budgets of government-managed funds.

全国政府性基金预算收入84515.75亿元，增长12%。加上2018年结转收入360.4亿元和地方政府发行专项债券筹集收入21500亿元，全国政府性基金收入总量为106376.15亿元。全国政府性基金预算支出91364.8亿元，增长13.4%。

Revenue of China’s government-managed funds in 2019 was 8.451575 trillion yuan, a 12% rise. Adding in 36.04 billion yuan carried over from 2018 and 2.15 trillion yuan raised by local governments through special-purpose bond issues, total revenue amounted to 10.637615 trillion yuan. Expenditure of all government-managed funds was 9.13648 trillion yuan, an increase of 13.4%.

中央政府性基金预算收入4039.62亿元，为预算的96.3%，增长0.1%。加上2018年结转收入360.4亿元，中央政府性基金收入总量为4400.02亿元。中央政府性基金预算支出4178.86亿元，完成预算的91.9%，增长3.9%，其中，本级支出3113.41亿元，对地方转移支付1065.45亿元。调入一般公共预算4.23亿元。中央政府性基金预算收大于支216.93亿元，其中，结转下年继续使用180.04亿元；单项政府性基金项目结转超过当年收入30%的部分合计36.89亿元，按规定补充中央预算稳定调节基金。

Revenue of central government-managed funds was 403.962 billion yuan, representing 96.3% of the budgeted figure and an increase of 0.1%. With the addition of 36.04 billion yuan carried forward from 2018, total revenue came to 440.002 billion yuan. Expenditure of central government-managed funds totaled 417.886 billion yuan, representing 91.9% of the budgeted figure and a 3.9% increase. Broken down, this figure includes 311.341 billion yuan of central government spending and 106.545 billion yuan of transfer payments to local governments. Funds transferred from central government-managed funds to the central general public budget amounted to 423 million yuan. Total revenue of central government-managed funds exceeded total expenditure by 21.693 billion yuan. Of this figure, 18.004 billion yuan was carried forward to 2020, while 3.689 billion yuan, comprising the portion of individual government-managed funds’ carryover that exceeded 30% of revenue in 2019, was contributed to the Central Budget Stabilization Fund in accordance with regulations.

地方政府性基金预算本级收入80476.13亿元，增长12.6%，其中，国有土地使用权出让收入72584.42亿元，增长11.4%。加上中央政府性基金预算对地方转移支付收入1065.45亿元和地方政府发行专项债券筹集收入21500亿元，地方政府性基金收入总量为103041.58亿元。地方政府性基金预算支出88251.39亿元，增长13.9%。

Revenue of local government-managed funds was 8.047613 trillion yuan, an increase of 12.6%. Revenue from the sale of state-owned land-use rights accounted for 7.258442 trillion yuan of this figure, an 11.4% rise. Adding in transfer payments of 106.545 billion yuan from central government-managed funds and 2.15 trillion yuan raised by local governments through special-purpose bond issues, total revenue came to 10.304158 trillion yuan. Expenditure of local government-managed funds totaled 8.825139 trillion yuan, an increase of 13.9%.

（三）2019年国有资本经营预算收支情况。

3. Budgetary revenue and expenditure of state capital operations in 2019

全国国有资本经营预算收入3960.42亿元，增长36.3%。全国国有资本经营预算支出2287.43亿元，增长6.2%。

Revenue of state capital operations nationwide was 396.042 billion yuan in 2019, an increase of 36.3%. Expenditure totaled 228.743 billion yuan, an increase of 6.2%.

中央国有资本经营预算收入1635.93亿元，为预算的99.9%，增长23.3%。加上2018年结转收入6.7亿元，收入总量为1642.63亿元。中央国有资本经营预算支出1108.8亿元，完成预算的88.4%，下降0.3%，其中，本级支出986.55亿元，对地方转移支付122.25亿元。调入一般公共预算389.77亿元，调入比例提高至28%。结转下年支出144.06亿元。

Revenue of central government state capital operations was 163.593 billion yuan, representing 99.9% of the budgeted figure and an increase of 23.3%. With the addition of 670 million yuan carried over from 2018, total revenue was 164.263 billion yuan. Expenditure of central government state capital operations reached 110.88 billion yuan, representing 88.4% of the budgeted figure and a decrease of 0.3%. This expenditure included 98.655 billion yuan of central government spending and 12.225 billion yuan in transfer payments to local governments. An amount of 38.977 billion yuan was transferred into the central general public budget, with the transfer proportion being raised to 28%. A sum of 14.406 billion yuan of budgetary revenue from these operations has been carried over to 2020.

地方国有资本经营预算本级收入2324.49亿元，增长47.2%。加上中央国有资本经营预算对地方转移支付收入122.25亿元，收入总量为2446.74亿元。地方国有资本经营预算支出1300.88亿元，增长15.3%。调入一般公共预算资金增加至943.19亿元。结转下年支出202.67亿元。

Revenue of local government state capital operations reached 232.449 billion yuan, an increase of 47.2%. Adding in transfer payments of 12.225 billion yuan made to local governments from the central government state capital operations budget, total revenue was 244.674 billion yuan. Expenditure of local government state capital operations was 130.088 billion yuan, an increase of 15.3%. The proportion of funds allocated from the local state capital operations budget to the local general public budget increased to 94.319 billion yuan. An amount of 20.267 billion yuan of budgetary revenue from these operations has been carried over to 2020.

（四）2019年社会保险基金预算收支情况。

4. Budgetary revenue and expenditure of social security funds in 2019

全国社会保险基金收入80844.09亿元，增长2.3%，其中，保险费收入57849.05亿元，财政补贴收入19392.61亿元。全国社会保险基金支出74989.23亿元，增长11.3%。当年收支结余5854.86亿元，年末滚存结余94026.97亿元。

Revenue of social security funds nationwide was 8.084409 trillion yuan, an increase of 2.3%. Revenue included 5.784905 trillion yuan in insurance premiums and 1.939261 trillion yuan in government subsidies. Expenditure of social security funds nationwide totaled 7.498923 trillion yuan, an 11.3% increase. The surplus for 2019 of 585.486 billion yuan was rolled over, bringing the year-end balance to 9.402697 trillion yuan.

中央社会保险基金收入688.61亿元，其中，保险费收入354.44亿元，财政补贴收入319.36亿元。加上地方上缴的基本养老保险中央调剂基金收入6280亿元，收入总量为6968.61亿元。中央社会保险基金支出663.2亿元，加上安排给地方的基本养老保险中央调剂基金支出6273.8亿元，支出总量为6937亿元。当年收支结余31.61亿元，年末滚存结余358.75亿元。

Revenue of the central government social security fund was 68.861 billion yuan. This includes 35.444 billion yuan in insurance premiums and 31.936 billion yuan in government subsidies. With the addition of 628 billion yuan of basic old-age insurance funds allocated by local governments for central regulation, total revenue rose to 696.861 billion yuan. Expenditure of the central government social security fund was 66.32 billion yuan. Adding in 627.38 billion yuan of basic old-age insurance funds reallocated to local governments through central regulation, total expenditure came to 693.7 billion yuan. The surplus for 2019 of 3.161 billion yuan was rolled over, bringing the year-end balance to 35.875 billion yuan.

地方社会保险基金收入80155.48亿元，其中，保险费收入57494.61亿元，财政补贴收入19073.25亿元。加上基本养老保险中央调剂基金收入6273.8亿元，收入总量为86429.28亿元。地方社会保险基金支出74326.03亿元，加上基本养老保险中央调剂基金支出6280亿元，支出总量为80606.03亿元。当年收支结余5823.25亿元，年末滚存结余93668.22亿元。

Revenue of local government social security funds was 8.015548 trillion yuan, which included 5.749461 trillion yuan in insurance premiums and 1.907325 trillion yuan in government subsidies. With the addition of 627.38 billion yuan of basic old-age insurance funds reallocated to local governments by the central government, total revenue rose to 8.642928 trillion yuan. Expenditure of local government social security funds was 7.432603 trillion yuan. Adding in 628 billion yuan of basic old-age insurance funds allocated for central regulation, total expenditure came to 8.060603 trillion yuan. The surplus for 2019 of 582.325 billion yuan was rolled over, bringing the year-end balance to 9.366822 trillion yuan.

2019年末，中央财政国债余额168038.04亿元，控制在全国人大批准的债务余额限额175208.35亿元以内；地方政府债务余额213072.26亿元，包括一般债务余额118694.14亿元、专项债务余额94378.12亿元，控制在全国人大批准的债务余额限额240774.3亿元以内。

At the end of 2019, outstanding central government debt was 16.803804 trillion yuan, within the budgeted limit of 17.520835 trillion yuan approved by the NPC. Outstanding local government debt totaled 21.307226 trillion yuan, which included 11.869414 trillion yuan of general debt and 9.437812 trillion yuan of special debt. This figure is also within the NPC-approved budget limit of 24.07743 trillion yuan.

以上预算执行的具体情况及相关说明详见《中华人民共和国2019年全国预算执行情况2020年全国预算（草案）》。

For a more detailed account of the budget execution in regard to the above items, please refer to the Chinese language version of the Report on the Execution of the 2019 Budget of the People’s Republic of China and the 2020 Draft Budget.

（五）2019年主要财税政策落实和重点财政工作情况。

5. Implementation of the main fiscal and tax policies and other major fiscal work in 2019

2019年，财政部门认真贯彻党中央、国务院决策部署，按照预算法和《关于人大预算审查监督重点向支出预算和政策拓展的指导意见》，严格落实全国人大预算决议和审议意见要求，加力提效实施积极的财政政策，加大重点领域支持力度，加快推进财税体制改革，不断提高财政管理水平。

In 2019, finance departments conscientiously implemented the decisions and plans of the Party Central Committee and the State Council; adhered to the Budget Law and the Guidelines on People’s Congresses Expanding the Focus of Budget Review and Oversight to Expenditure Budgets and Policies; and worked as required by the outcomes of the NPC’s deliberations and their comments on the budgets. We pursued a proactive fiscal policy with greater intensity and better results, gave more support to key areas, accelerated reform of the fiscal and tax systems, and continually improved our level of fiscal management.

实施更大规模减税降费。减税降费直接惠企惠民、公平有效，是应对经济下行压力的重大举措。各级财税部门把落实更大规模减税降费作为2019年实施积极财政政策的头等大事切实抓紧抓好。1月1日起实施小微企业普惠性减税、个人所得税专项附加扣除；4月1日起实施深化增值税改革措施，制造业等行业增值税税率从16%降至13%，交通运输业、建筑业等行业从10%降至9%；5月1日起降低社会保险费率。继续清理规范行政事业性收费和政府性基金。

Tax and fee cuts that are fair, efficient, and directly benefit businesses and people are a major measure for dealing with downward pressure on the economy. Finance and taxation authorities at all levels made instituting tax and fee cuts on a larger scale the top priority in pursuing a proactive fiscal policy in 2019. On January 1 we introduced policies on general-benefit tax cuts for small and micro businesses and special additional deductions for individual income tax; we took measures to deepen VAT reform on April 1, reducing the rate in manufacturing and other industries from 16% to 13% and lowering the rate from 10% to 9% in the transportation, construction, and other industries; and we made reductions to social insurance premiums on May 1. We continued to review and standardize administrative charges and payments to government-managed funds.

减税降费政策在减轻企业负担、促进居民消费、稳定市场预期和扩大就业等方面发挥了重要作用，有力支持了实体经济稳定发展。2019年全年减税降费2.36万亿元，其中新增减税1.93万亿元。制造业及其相关环节增值税减税5928亿元，减税幅度为24.1%；建筑业和交通运输业增值税分别减税257亿元、44亿元，减税幅度为5.2%、6.7%；现代服务业和生活服务业等其他行业增值税负担也实现不同程度降低。民营企业合计减税1.26万亿元，占全部减税数额的65.5%。小微企业减税2832亿元，享受企业所得税减免的纳税人达到626万户，享受增值税免税的小规模纳税人新增456万户。实施个人所得税专项附加扣除政策，加上2018年10月1日提高个人所得税基本减除费用标准和优化税率结构翘尾因素，合计减税4604亿元，使2.5亿纳税人直接受益，人均减税约1842元。

Tax and fee reduction policies have done much to support stable growth in the real economy – they have lightened the burden on enterprises, spurred consumer spending, stabilized market expectations, and created more jobs. Over the year, we reduced taxes and fees by 2.36 trillion yuan, 1.93 trillion yuan of which are tax cuts.

VAT in manufacturing and related links was reduced by 592.8 billion yuan, or 24.1%; in the construction and transportation sectors VAT was cut by 25.7 billion yuan and 4.4 billion yuan respectively, reductions of 5.2% and 6.7%; and VAT rates in modern services, consumer services, and other industries were also lowered to varying degrees.

Tax cuts for private companies reached 1.26 trillion yuan, which is 65.5% of the total. Reductions for small and micro businesses totaled 283.2 billion yuan, and the number of taxpayers eligible for a corporate income tax break reached 6.26 million, while the number of small-scale taxpayers qualifying for the VAT exemption rose by 4.56 million.

Reductions to individual income tax total 460.4 billion yuan when we add in the special additional deductions policy and the carryover effect from the policies introduced on October 1, 2018 to raise the individual income tax threshold and optimize the tax rate structure. These reductions directly benefited 250 million taxpayers, with an average saving of 1,842 yuan per person.

为支持落实减税降费政策，各级政府大力压减一般性支出，多渠道筹集资金弥补减收，努力实现预算收支平衡。中央财政加大对地方转移支付力度，并在分配均衡性转移支付、县级基本财力保障机制奖补资金时，向基层财政困难地区和受减税降费影响较大的地区倾斜，增强其财政保障能力。建立实施县级财政工资保障监测预警和风险评估机制，统筹财政收支和库款管理，合理安排支出优先次序，切实兜牢县级“三保”（保基本民生、保工资、保运转）底线。

To facilitate implementation of the tax and fee reduction policies, governments at all levels cut general expenditures and made up for reduced revenue by raising funds through multiple channels, in an effort to balance revenue and expenditures. The central government increased transfer payments to local authorities. Furthermore, it tilted payments for equalizing access to basic public services and rewards and subsidies for the mechanism to ensure county-level governments’ basic funding to regions where primary-level governments were experiencing financial difficulties and to regions whose revenue was sharply reduced by the tax and fee reduction policies, to ensure they had the financial resources to function as normal. We set up monitoring, early-warning, and risk-assessment mechanisms for ensuring county-level governments’ salary payments, adopted a coordinated approach to revenue and expenditure and management of the treasury balance, and made reasonable arrangements for spending priorities to ensure county-level governments had adequate funding to protect the three priorities of people’s basic wellbeing, payment of salaries, and normal functioning of government.

继续支持打好三大攻坚战。大力支持脱贫攻坚。落实和完善精准扶贫举措，围绕补齐“两不愁三保障”突出短板，强化脱贫攻坚投入保障。中央财政补助地方专项扶贫资金1261亿元，增长18.9%，进一步向“三区三州”等深度贫困地区倾斜。利用跨省域补充耕地收入和城乡建设用地增减挂钩节余指标调剂收入安排817亿元，全部用于脱贫攻坚和实施乡村振兴战略。下达易地扶贫搬迁地方政府一般债券1294亿元，支持提前一年基本完成“十三五”规划建设任务。出台对企业扶贫捐赠支出所得税税前据实扣除、扶贫货物捐赠免征增值税、政府采购支持脱贫攻坚等政策，继续深入推进贫困县涉农资金整合试点。推进扶贫项目全过程绩效管理。财政扶贫资金动态监控平台建设取得初步成效。全年减少建档立卡贫困人口1109万人，贫困县摘帽344个。积极支持污染防治。将污染防治攻坚作为重点保障和优先支出领域，支持打好大气、水、土壤等污染防治标志性重大战役。扩大北方地区冬季清洁取暖试点范围。分两批将40个城市纳入黑臭水体治理示范政策范围。继续实施长江经济带生态保护修复奖励政策，加快推动形成长江大保护格局。深入推进山水林田湖草生态保护修复工程试点。实施“蓝色海湾”整治行动和渤海综合治理，支持海洋生态保护修复。对符合条件的从事污染防治的第三方企业减按15%的税率征收企业所得税。积极推动设立国家绿色发展基金。防范化解财政金融风险。按照“开前门、堵后门”的思路，统筹做好地方政府债券发行使用和风险防控工作。推动各地严格落实地方政府债务预算管理相关规定和要求，主动接受人大对地方政府债务借、用、还的全过程监督。按照谁使用、谁负责的原则，严格落实专项债券项目单位偿债责任，严防专项债券风险。完善常态化监控机制，强化地方政府违规举债责任追究。在各方共同努力下，地方政府隐性债务风险得到有效防范。同时，协助稳妥处置化解金融风险，加强金融企业财务监管，推动提升金融企业会计信息质量。

• Providing continued support to the three critical battles

Strong support was given to the battle against poverty. We put into effect and improved on measures for precision poverty alleviation, and raised inputs to guarantee rural poor populations’ basic needs of food and clothing and their access to compulsory education, basic medical services, and housing. Central government subsidies for local poverty alleviation programs totaled 126.1 billion yuan, an 18.9% increase, with more funding tilted toward deeply impoverished areas such as the three regions and three prefectures.^* All of the 81.7 billion yuan that was allocated from the proceeds of inter-provincial coordination of newly-added cropland and the adjustment of surplus quotas produced by linking newly-added cropland quotas with the amount of land for construction went toward the fight against poverty and implementing the rural revitalization strategy. A total of 129.4 billion yuan worth of general-purpose bonds for helping relocate people in poverty away from inhospitable areas were issued by local governments. They were used to ensure poverty-reduction related construction tasks set in the 13th Five-Year Plan were basically completed one year ahead of schedule. We introduced policies to offer businesses corporate income tax deductions on the contributions they make to poverty alleviation and VAT exemptions on the goods they donate, and to support poverty reduction programs through government procurement. Trials to integrate different rural development funds continued in poor counties.

(*The three regions refers to Tibet, four prefectures of southern Xinjiang – Hotan, Aksu, Kashi, and the Kirgiz Autonomous Prefecture of Kizilsu, and the areas of Sichuan, Yunnan, Gansu, and Qinghai provinces with large Tibetan populations; the three prefectures are Liangshan in Sichuan, Nujiang in Yunnan, and Linxia in Gansu.)

Full-process performance management was implemented in poverty reduction programs. Initial progress was made in assembling a dynamic monitoring platform for the use of government poverty alleviation funds. Over the course of the year, the number of people registered as living below the poverty line fell by 11.09 million, and poverty was eliminated in 344 counties.

Active assistance was provided to the battle against pollution. We made pollution prevention and control a priority of government expenditure and secured funding to support signature campaigns to prevent and control air, water, and soil pollution. Trials of using clean energy sources for winter heating were expanded to more areas in northern China. Over the year, 40 cities were incorporated, in two groups, into the demonstration policy for cleaning up black, malodorous water bodies. Reward policies for protection and restoration of ecosystems along the Yangtze Economic Belt continued, and an overarching framework for environmental protection along the Yangtze River began taking shape at a faster clip. Trials continued on the conservation and restoration of mountain, river, lake, forest, farmland, and grassland ecosystems. We launched a Blue Bay environmental improvement initiative, adopted comprehensive measures to improve the water environment in the Bohai Sea area, and supported the efforts to protect and improve marine ecosystems. A reduced corporate income tax rate of 15% was applied to eligible third-party enterprises engaged in pollution control. Positive strides were made toward the establishment of a national green development fund.

Support was also provided to the battle against financial and fiscal risks. Acting on the principle of “opening the front door and closing up the back door,” we coordinated efforts to ensure local government bonds were issued and used properly and related risks were well-controlled. We pressed local governments to strictly adhere to the rules and requirements on the budgetary management of debts and to willingly accept oversight from people’s congresses over the full process of borrowing, using, and repaying debts. We followed the “user takes responsibility” principle in order to make it clear who was responsible for the repayment of special-purpose bonds and thus prevented risks from arising. We also improved regular oversight mechanisms to ensure those who borrow in violation of regulations are held to account. Local governments’ hidden debt-related risks have been effectively brought under control thanks to the concerted efforts of all relevant parties. In addition, we assisted in properly handling and defusing financial risks, strengthened financial oversight of financial enterprises, and pressed them to improve the quality of their accounting information.

支持深化供给侧结构性改革。深入推进首台（套）重大技术装备保险补偿试点。将适用固定资产加速折旧优惠的行业范围扩大至全部制造业领域。通过市场化手段支持集成电路产业发展。巩固“三去一降一补”成果，及时拨付专项奖补资金20亿元，支持提前完成钢铁、煤炭等重点行业去产能目标。中央一般公共预算本级科学技术支出3516.18亿元，增长12.5%，支持提升科技支撑能力和科技重大专项加快攻坚。推动构建社会主义市场经济条件下关键核心技术攻关新型举国体制。新增支持58个开发区提升各类载体市场化专业化服务水平，打造不同类型双创载体。发挥国家新兴产业创业投资引导基金作用，累计支持超过5100家创业企业。支持中小企业公共服务体系和融资服务体系建设。对上一年度小微企业融资担保费费率不超过2%的地方予以奖补。支持59个市（州、区）开展深化民营和小微企业金融服务综合改革试点。推动解决拖欠民营企业、中小企业账款等突出问题。

• Supporting supply-side structural reform

We continued to pilot insurance compensation for newly-developed major technological equipment. The preferential policy of accelerated depreciation of fixed assets was extended to the entire manufacturing sector. The development of integrated circuits was promoted through market-oriented means. To consolidate the gains made in the five priority tasks,^* we promptly paid out 2 billion yuan of special awards and subsidies to support the completion of goals on cutting overcapacity in key industries such as steel and coal ahead of time.

(*The tasks are to cut overcapacity, reduce excess housing inventory, deleverage, lower costs, and strengthen areas of weakness.)

Central government expenditures on science and technology totaled 351.618 billion yuan, up 12.5%. We backed endeavors to raise science and technology’s capacity to support development and to accelerate the development of major science and technology projects. We worked for progress on the establishment of a new system of nationwide support for making breakthroughs in core technologies in key fields under the socialist market economy.

We gave support to another 58 development zones to make their service platforms more market-based and professional and to create a range of platforms to serve startups and innovation endeavors. Through the National Venture Capital Guide Fund for Emerging Industries, we supported more than 5,100 startups. We supported the development of systems to provide small and medium businesses with public and financing services. We rewarded and subsidized localities that kept fee rates for small- and micro-business financing guarantees under 2% in 2018. We gave our support to 59 cities, prefectures, and districts piloting comprehensive reforms to financial services for private companies and especially small and micro businesses. We also worked toward the resolution of pronounced problems such as late payments to private companies and small and medium-sized enterprises.

促进扩大投资消费需求。全年下达中央预算内投资资金5776亿元，重点支持保障性安居工程、“三农”建设、重大基础设施建设、创新驱动和结构调整、社会事业和社会治理、节能环保与生态建设等方面。新增地方政府专项债券21500亿元，较2018年增加8000亿元。允许将地方政府专项债券所筹资金作为符合条件的重大项目资本金，强化重点在建项目和补短板工程资金保障。加大对养老、托育、家政等社区家庭服务业的税费优惠力度，推动文旅休闲消费提质升级。支持新能源汽车推广应用，对新能源公交车运营给予补贴，对地方建设充电基础设施给予奖励。开展电子商务进农村综合示范，实现国家级贫困县全覆盖。对农产品供应链体系建设给予补助，重点支持农产品产后商品化处理设施建设和农产品冷链物流发展。

• Working to stimulate investment and consumer demand

Throughout the year, central government budgetary investment totaled 577.6 billion yuan. Investment focused on government-subsidized housing; agriculture, rural areas, and rural residents; major infrastructure projects; innovation-driven development and structural adjustments; social programs and social governance; and energy conservation, environmental protection, and ecological improvement. We issued 2.15 trillion yuan worth of local government special-purpose bonds, an increase of 800 billion yuan over 2018. We also allowed local governments to use funds from special-purpose bond issues as capital for eligible major projects, thus strengthening funding for major on-going projects and initiatives to strengthen areas of weakness. We granted larger tax and fee breaks for elderly care, childcare and early childhood education, housekeeping, and other community and domestic services, and promoted high-quality spending on culture, tourism, and leisure. To support the roll-out of new-energy vehicles, we subsidized new-energy buses and rewarded localities that installed charging facilities. We set up comprehensive demonstrations for introducing e-commerce into rural areas and achieved roll-out in all national-level poor counties. Subsidies were provided for the development of supply chains for farm produce, with a focus on facilities for post-harvest commercial handling and cold-chain logistics.

促进城乡区域协调发展。支持农业农村优先发展，下达农田建设补助资金671亿元，支持高标准农田和农田水利建设。及时拨付生猪调出大县奖励和非洲猪瘟强制扑杀补助资金，支持生猪稳产保供。进一步完善农机购置补贴政策。加大产粮大县奖励力度。支持现代农业产业园和农业产业强镇创建，促进农村一二三产业深度融合。将农村饮水工程维修养护经费纳入中央财政支持范围，重点对中西部地区给予补助。深入实施农村人居环境整治三年行动。研究出台财税支持政策，推动实施重大区域战略。较大幅度增加中央对地方转移支付规模，并重点向中西部和困难地区倾斜，进一步提升区域间基本公共服务均等化水平。支持革命老区、民族地区、边疆地区、贫困地区加快发展。

• Promoting coordinated urban-rural and regional development

We prioritized the development of agriculture and rural areas. Subsidies totaling 67.1 billion yuan were issued to support the development of high-standard farmland and farmland irrigation and water conservancy projects. To keep the production and supply of hogs stable amid the African swine fever outbreak, we moved promptly to give rewards to major hog-producing counties and subsidize the compulsory culling of hogs. We improved subsidy policies for agricultural machinery purchases and increased rewards for major grain-producing counties. We supported the establishment of modern agriculture industrial parks and towns with agricultural strengths, and encouraged the integration of primary, secondary, and tertiary industries in rural areas. We included maintenance expenses for drinking water facilities in rural areas in the range of central budget support and channeled greater subsidies to the central and western regions. Progress was made in the three-year campaign to improve rural living environments.

We issued fiscal and tax policies to support the implementation of major regional development strategies. Transfer payments to local governments were increased by a considerable sum, and they were tilted toward central and western China and regions with difficulties, in a further effort to equalize access to basic public services among regions. We supported old revolutionary base areas, areas with large ethnic minority populations, border areas, and poor areas in accelerating their development.

稳步提高基本民生保障水平。促进扩大就业。支持实施就业优先政策，中央财政就业补助资金支出539亿元，增长14.9%。从失业保险基金结余中拿出1000亿元支持职业技能提升，加快培养各类技术技能人才。职业技能提升和转岗转业培训超过1500万人次。提高自主就业退役士兵和重点群体创业就业税额扣减额度，扩大享受政策优惠的企业范围。持续加大财政教育投入。巩固城乡统一、重在农村的义务教育经费保障机制，促进学前教育、职业教育、高等教育发展。全国约1.5亿城乡义务教育阶段学生免除学杂费并获得免费教科书，1900万家庭经济困难学生获得生活补助，1400万进城务工农民工随迁子女实现相关教育经费可携带，3700万农村义务教育阶段学生获得营养膳食补助。设立中等职业教育国家奖学金，扩大高职院校奖助学金覆盖面、提高补助标准，支持高职院校扩招100万人目标顺利完成。提高养老保障水平。出台改革和完善基本养老保险制度总体方案，推进养老保险省级统筹。养老保险基金中央调剂比例提高至3.5%，22个中西部地区和老工业基地省份全年受益1512亿元。扎实推进划转部分国有资本充实社保基金工作。提高企业和机关事业单位退休人员基本养老金标准，平均增幅约5%。推进健康中国建设。推动全面建立城乡统一的居民基本医疗保险制度，居民医保人均财政补助标准增加30元。出台罕见病药品等增值税减免政策，支持将高血压和糖尿病门诊用药纳入医保报销、覆盖3亿多患者。强化民生政策兜底。继续提高城乡低保等社会救助水平和优抚对象等人群的补助标准，出台退役士兵社会保险断保接续等解困政策。加大基本住房保障力度。支持棚改开工建设316万套，建档立卡贫困户等四类重点对象农村危房改造135.5万户，27个地区改造老旧小区352万户、3.2亿平方米。开展中央财政支持住房租赁市场发展试点。推动文化体育事业发展。中央补助地方公共文化服务体系建设专项资金支出147亿元，增长14%。支持中华优秀传统文化传承发展，加强文化遗产保护。

• Steadily raising funding levels to ensure people’s basic wellbeing

We promoted job creation. To fund the employment-first policy, the central government allocated 53.9 billion yuan for employment subsidies, a 14.9% increase. We used 100 billion yuan of surplus from the unemployment insurance funds for a vocational upskilling initiative, which is training technicians and skilled workers at a faster pace across all professions. Vocational upskilling and reskilling initiatives provided over 15 million training opportunities. We raised the limit on deductible tax for self-employed demobilized military personnel and other key groups seeking work or starting a business, and expanded the coverage of tax relief for businesses.

We continued to increase appropriations for education. We consolidated the unified, rurally focused funding mechanism for compulsory education in urban and rural areas, and promoted the development of preschool, vocational, and higher education. Across China, approximately 150 million students in compulsory education were exempted from paying tuition and miscellaneous fees and were provided with free textbooks, 19 million students from families with financial difficulties received living allowances, 14 million children were able to transfer their fiscal outlays for education to the cities where they live with their migrant worker parents, and 37 million students in compulsory education in rural areas benefited from nutritious meal subsidies. We established a state scholarship for secondary vocational education, expanded the coverage of scholarships and grants for vocational college students and raised the level of financial assistance in this respect, and lent support to vocational colleges to expand enrollment by over 1 million students.

We strengthened guarantees for old-age pensions. We unveiled the general plan on basic old-age insurance reform, and set standards for unified management of old-age insurance funds at the provincial level. The share of funds under central regulation increased to 3.5%. Over the year, 22 central and western regions and provinces with concentrations of old industrial bases benefited from these funds to the sum of 151.2 billion yuan. Steady progress was made in transferring a portion of state capital into social security funds. We increased basic pension payments for retirees of enterprises, government offices, and public institutions by an average of about 5%.

We made smooth progress in building a Healthy China. We made moves toward establishing a unified basic medical insurance system for rural and non-working urban residents nationwide, and increased government subsidies for medical insurance by an average of 30 yuan per person. We unveiled policies to reduce or waive VAT on medicines including reductions for rare disease drugs, and made outpatient medicines for treating high blood pressure and diabetes reimbursable under the medical insurance scheme, benefiting over 300 million patients.

We strengthened policies to ensure people’s basic living needs are met. We continued to raise the level of social assistance, increasing urban and rural subsistence allowances and raising subsidies for entitled groups. Policies were introduced to address difficulties, such as help for demobilized military personnel to re-activate social security accounts which had been discontinued.

We did more to guarantee basic housing. We provided funding to begin renovations on 3.16 million housing units in run-down urban areas and 1.355 million dilapidated rural houses for four key groups – registered poor households, recipients of subsistence allowances, rural residents in extreme poverty who receive basic assistance, and families of people with disabilities affected by poverty. We also funded the renovation of 3.52 million houses in old urban residential communities in 27 regions, covering an area of 320 million square meters. Trials on development of the central government-sponsored housing rental market were carried out.

We promoted the development of culture and sports. The central government earmarked 14.7 billion yuan in subsidies to local governments for development of the public cultural service system, an increase of 14%. We supported efforts to preserve and develop fine traditional Chinese culture and provided better protection for cultural heritage.

深入推进财税体制改革。进一步理顺中央和地方财政关系。积极推进分领域中央与地方财政事权和支出责任划分改革，出台教育、科技、交通运输等领域改革方案。推进中央与地方收入划分改革，保持增值税“五五分享”比例稳定，调整完善增值税留抵退税分担机制，明确后移消费税征收环节并稳步下划地方。完善预算管理制度。加大政府性基金预算与一般公共预算统筹力度，进一步扩大中央国有资本经营预算实施范围。全面实施预算绩效管理，健全绩效指标和标准体系，继续扩大重点绩效评价范围，加强评价结果应用。持续推进国债管理市场化改革，优化国债品种期限结构。扩大政府财务报告编制试点范围至40个中央部门和36个地方。进一步深化政府采购制度改革。全面规范和加强政府购买服务管理。着力推进税制改革。完善增值税制度，初步建立综合与分类相结合的个人所得税制度。资源税法经全国人大常委会审议通过，城市维护建设税法、契税法草案按程序提请全国人大常委会初次审议。研究逐步健全稳定、可持续的地方税体系。积极推动国资国企改革。向全国人大常委会报告全国国有资产管理总体情况。积极推动组建国有资本投资、运营公司，推动完成中国国家铁路集团有限公司、中国邮政集团有限公司改制。进一步理顺国有金融资本管理体制。

• Deepening fiscal and tax system reform

We further improved the fiscal relationship between the central and local governments. We are vigorously pursuing reform to appropriately divide fiscal authority and spending responsibilities between the central and local governments on a sector-by-sector basis. We introduced reform plans for education, science and technology, transportation, and other sectors. We advanced the reform of revenue distribution between the central and local authorities, electing to leave the “50/50 split” for VAT revenue unchanged, adjusting and improving the mechanisms for sharing the load with regard to refunding VAT credits, while also making clear moves toward collecting excise tax at a point further downstream in the production-to-consumption process and handing it over to local governments in a stable way.

We improved the budget management system. We achieved greater coordination between government-managed fund budgets and general public budgets, and extended budgetary control to more central government state capital operations. We launched performance-based budget management across the country, improved the system of core performance indicators and standards, further expanded the coverage of key performance evaluations, and made better use of evaluation results. We continued the reform to make government bond management more market-based, and optimized the variety, maturity, and structure of government bonds. We expanded the trial preparation of government financial statements to 40 central government departments and 36 localities. We deepened reform of the government procurement system, and comprehensively standardized and strengthened management of government service procurement.

We made a major push to reform the taxation system. We made improvements to the VAT system and took initial steps to institute an individual income tax system based on adjusted gross income and specific income types. The Resource Tax Law was deliberated and approved by the NPC Standing Committee, and the law on urban construction and maintenance tax and the draft law on a deed transfer tax were submitted to the NPC Standing Committee for the first reading in accordance with procedures. We explored ways of gradually improving the system of local taxation to ensure it is stable and sustainable.

We were active in promoting state capital and state-owned enterprise (SOE) reform. We presented to the NPC Standing Committee a report on the management of state-owned assets nationwide. We made an active push to establish state capital investment and management companies, and basically completed the introduction of corporate systems into China State Railway Group and China Post Group. We refined the system for managing state-owned financial capital.

不断提高财政管理水平。下大力气抓好预算执行。及时批复年初预算，加快转移支付预算下达，督促地方尽快将资金分解落实到具体项目，尽早发挥资金效益和政策作用。密切跟踪预算执行进展，加强预算执行分析，按照能省则省的原则，将年底前可不再安排的支出节省下来，坚决防止年底“突击花钱”。指导地方根据实际情况，依法做好预算调整工作。强化财政管理基础工作。推进预算管理一体化系统建设，推动形成全国统一的预算管理规范和技术标准体系。强化国库集中支付资金动态监控，初步建成覆盖各级财政的预算执行动态监控体系。依法接受人大预算监督。落实全国人大及其常委会有关预算决议，坚持解决具体问题与建立长效机制同步推进，及时向全国人大常委会报告审计查出突出问题的整改情况。积极配合人大开展预算审查工作。积极向人大代表通报预算编制工作情况，不断改进完善预算编制工作。加强与人大代表沟通联络，充分听取意见建议，及时回应关切。

• Continuously raising the level of fiscal management

We redoubled efforts to ensure successful budget implementation. We approved budgeted funds on time in early 2019, released transfer payments to local governments more quickly, and urged local authorities to divvy out funds and put them into projects as soon as possible, so as to get funding and relevant policies working as early as possible. We closely tracked and carefully analyzed budget execution. Observing the principle of cutting back where possible, we made savings on items for which no new funding was needed at the year end, and took resolute action to stop “spending splurges” at the end of the fiscal year. We offered guidance to local authorities on making budgetary adjustments in accordance with law and local conditions.

We strengthened the foundations of fiscal management work. We advanced the development of an integrated system for budget management and made progress on the formation of nationally unified regulations for budget management and a unified system of technical standards. Dynamic monitoring over centralized treasury payments was strengthened, and mechanisms for dynamic monitoring of budget execution at all levels of government took shape.

We accepted people’s congress budget oversight in accordance with law. We worked to see that the resolutions of people’s congresses and their standing committees on budgets were implemented. We worked for simultaneous progress on the resolution of problems and the development of permanent mechanisms, and made timely reports to the NPC Standing Committee on our efforts to rectify pronounced problems that were identified in auditing.

We actively worked with people’s congresses in their review of government budgets. We made active efforts to keep people’s congress deputies well-informed about budget compilation and improved our work on an ongoing basis. We strengthened communications and links with people’s congress deputies, heard their opinions and suggestions and responded to their concerns in a timely manner.

总的看，2019年预算执行情况较好，财政改革发展各项工作取得积极进展，为经济持续健康发展与社会和谐稳定提供了有力保障。这是以习近平同志为核心的党中央坚强领导的结果，是习近平新时代中国特色社会主义思想科学指引的结果，是全国人大、全国政协以及代表委员们监督指导的结果，是各地区、各部门以及全国各族人民共同努力的结果。

Overall, the execution of China’s budget in 2019 was satisfactory. We made positive headway in the reform and development of the public finances, which offered a strong support for sustained, healthy economic development and social harmony and stability. We owe these achievements to the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core; to the sound guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era; to the oversight and guidance of the NPC, the CPPCC National Committee and their deputies and members; and to the concerted efforts of all regions, all departments, and the people of all our nation’s ethnic groups.

同时，预算执行和财政工作中还面临一些问题和挑战。主要是：部分地方基层财政收支矛盾加剧，“三保”压力加大。一些领域支出固化僵化现象依然存在，有些资金利用效率不够高。预算绩效目标设定还不够科学，绩效自评还不够准确规范，绩效结果运用还需要强化。有的地方政府债务负担较重，隐性债务风险不容忽视。我们高度重视这些问题，将积极采取措施加以解决。

At the same time, we still face the following main problems and challenges in budget execution and other fiscal work:

• In some localities primary-level authorities are experiencing rising difficulties in keeping their budgets balanced and increasing pressure in ensuring local residents’ basic wellbeing, salary payments, and normal functioning.

• Fixed and rigid expenditure arrangements are still an issue in some sectors, and some funds have yet to be used more efficiently.

• The setting of some budget performance targets is not well-conceived, self-conducted performance evaluation is not precise or standard enough, and evaluation results need to be put to better use.

• Some local governments are carrying heavy debt burdens, and there are risks related to hidden debt that cannot be ignored.

We view these problems as extremely important and will adopt active measures to resolve them.

各位代表：

Esteemed Deputies,

今年以来，突如其来的新冠肺炎疫情对我国经济社会发展带来前所未有的冲击。党中央将疫情防控作为头等大事来抓，习近平总书记亲自指挥、亲自部署，坚持把人民生命安全和身体健康放在第一位，领导全党全军全国各族人民打好疫情防控的人民战争、总体战、阻击战。经过艰苦卓绝的努力，武汉保卫战、湖北保卫战取得决定性成果，疫情防控阻击战取得重大战略成果，统筹推进疫情防控和经济社会发展工作取得积极成效。

At the beginning of the year, the sudden strike of covid-19 dealt an unprecedented blow to China’s economic and social development. The Party Central Committee made epidemic containment the top priority. General Secretary Xi Jinping, putting the health and safety of our people before everything else, has personally taken charge and planned our response, leading the Party, the armed forces, and the Chinese people of all ethnic groups in fighting an all-out people’s war against the epidemic. Through immense and arduous efforts, we have secured a decisive victory in the battle to defend Hubei Province and its capital city Wuhan, achieved major strategic results in the fight against covid-19, and made progress in the coordinated efforts on epidemic control and economic and social development.

财政部门认真贯彻落实党中央、国务院决策部署，按照坚定信心、同舟共济、科学防治、精准施策的要求，强化疫情防控资金保障，围绕减轻患者救治费用负担、提高疫情防治人员待遇、保障疫情防控物资供应、加快疫苗和药物研发等出台一系列财税支持政策，全力支持打赢疫情防控阻击战。截至4月底，各级财政共安排疫情防控资金1499亿元，确保人民群众不因担心费用问题而不敢就诊，确保各地不因资金问题而影响医疗救治和疫情防控。

Finance departments have conscientiously implemented the decisions and plans of the Party Central Committee and the State Council, responded to the central Party leadership’s call to stay confident, come together in solidarity, adopt a science-based approach, and take targeted measures against covid-19, and strengthened the financial guarantees for response efforts. To reduce treatment costs for patients, improve benefits for people working on control and treatment, ensure emergency control supplies, and expedite vaccine and drug research and development, we launched a series of fiscal and tax policies and provided our full support for the endeavor to win the war against covid-19.

By the end of April, finance authorities at all levels had allocated a total of 149.9 billion yuan for control efforts, which has ensured that no one has avoided seeking treatment because of worries over costs, and no localities have had their medical treatment and control work affected by a lack of funding.

在抓好疫情防控相关工作的同时，实施一批阶段性援企稳岗兜底等财税政策，支持企业纾困和发展，推动有序复工复产，加快恢复正常生产生活秩序。分三批提前下达2020年新增债务限额28480亿元，包括一般债务限额5580亿元和专项债务限额22900亿元，对重点项目多、风险水平低、有效投资拉动作用大的地区给予倾斜，加快重大项目和重大民生工程建设，推动尽早形成实物工作量，拉动经济增长。自3月1日至6月底，阶段性提高地方财政资金留用比例5个百分点，新增留用约1100亿元资金，全部留给县级使用，有力保障基层财政平稳运行。

While doing a good job in our work related to virus containment, we implemented a number of time-limited policies to offer help to enterprises, stabilize employment, and ensure people’s basic living needs are met. We supported businesses’ efforts to overcome difficulties and achieve development, promoted an orderly return to work and resumption of production, and facilitated the restoration of normal work and life routines at an early date.

We issued, in advance and in three batches, a total ceiling amount of 2.848 trillion yuan for new local government debt in 2020, comprising 558 billion yuan of general debt and 2.29 trillion yuan of special debt. Higher priority has been given to regions with more key projects, lower risk levels, and greater potential to drive effective investment, in order to expedite key projects and major projects for people’s wellbeing and begin construction on such projects as soon as possible to promote economic growth.

From March 1 to the end of June, the ratio of funds retained by local budgets has been temporarily raised by 5 percentage points, and the full amount of the resulting cash flow of around 110 billion yuan has been given to county-level authorities to effectively ensure their stable operations.

二、2020年中央和地方预算草案

II. Draft Central and Local Budgets for 2020

2020年是全面建成小康社会和“十三五”规划收官之年，也是脱贫攻坚决战决胜之年，做好预算编制和财政工作意义重大。要按照党中央、国务院部署要求，统筹推进疫情防控和经济社会发展工作，科学研判财政形势，合理编制财政预算，系统谋划财政工作，确保完成决战决胜脱贫攻坚目标任务，全面建成小康社会。

The year 2020 is the final year of building a moderately prosperous society in all respects and implementing the 13th Five-Year Plan. It is also the year of securing a decisive victory in the battle against poverty. This makes the compilation of this year’s budgets and public finance work all the more important.

We will follow the plans and requirements of the Party Central Committee and the State Council, and coordinate our efforts to effectively control the epidemic and advance China’s economic and social agenda. We will accurately assess the economic situation, properly compile budgets, systematically plan public finance work, and ensure a decisive victory over poverty and achieve moderate prosperity.

（一）2020年财政收支形势分析。

1. Analysis on the prospects for fiscal revenue and expenditure in 2020

当前，受全球疫情冲击，世界经济严重衰退，产业链供应链循环受阻，国际贸易投资萎缩，大宗商品市场动荡。国内消费、投资、出口下滑，就业压力显著加大，企业特别是民营企业、中小微企业困难凸显，财政收支矛盾加剧，财政运行压力增加。

At present, due to the shock of the covid-19 pandemic, the world economy is in severe recession, the fluidity of industrial and supply chains is constricted, international trade and investment have contracted, and commodity markets are volatile. Domestically, consumption, investment, and exports have declined. Pressure on employment has risen significantly. Businesses, especially private firms and micro, small, and medium enterprises, face growing difficulties. The imbalance between revenue and expenditures is becoming more pronounced; and there is increasing pressure on fiscal operations.

从财政收入看，受疫情冲击、减税降费等因素影响，今年1－4月财政收入下降14.5%，其中1月下降3.9%，2月下降21.4%，3月下降26.1%，4月下降15%，降幅在一季度逐月扩大后出现缩小态势。预计今年后几个月，随着生产生活秩序恢复，财政收入开始企稳回升，但仍有较大不确定性。一般公共预算收入二季度可能维持负增长，下半年可能出现恢复增长并回补部分上半年减收。

From a fiscal revenue perspective, due to the impact of the crisis and the effect of tax and fee cuts, fiscal revenue in the first four months of 2020 fell by 14.5%. Revenue dropped by a progressively larger margin in the first quarter of the year – 3.9% in January, 21.4% in February, and 26.1% in March, and by a relatively smaller margin of 15% in April. In the months to come, as work and life routines are restored, we forecast that fiscal revenue will see the beginnings of a stable recovery, though great uncertainty remains. The general public budget may continue to post negative growth in the second quarter, while the latter half of the year may see a return to positive growth, which would make up for some of the revenue reduction of the first half of year.

从财政支出看，统筹推进疫情防控和经济社会发展工作，全力保障完成决战决胜脱贫攻坚目标任务、全面建成小康社会，财政支出仍要保持一定强度，特别是各级财政为疫情防控投入大量资金，落实“六保”任务、实施减税降费也需要财力支撑，一些地区因阶段性减免社会保险费需对基金予以必要财政补助。

From a fiscal expenditure perspective, a certain level of fiscal spending will need to be maintained to promote coordinated progress on covid-19 control and economic and social development, provide ample support for achieving a decisive victory over poverty, and finish building a moderately prosperous society in all respects. In particular, governments at all levels have spent a great deal of money on the epidemic response. Our efforts to maintain security in six areas and cut taxes and fees also need fiscal support, and some localities will require fiscal subsidies for their social security funds owing to the policy of temporarily reducing social insurance premiums.

当前和今后一个时期，我国发展面临风险挑战前所未有，但我们有独特政治和制度优势、雄厚经济基础、巨大市场潜力，亿万人民勤劳智慧。只要直面挑战，坚定发展信心，增强发展动力，当前的难关一定能闯过，中国的发展必将充满希望。这是我们做好财政工作、发挥财政职能作用的坚实基础和坚强后盾。

At present and for some time to come, China will face risks and challenges like never before. However, we have unique political and institutional strengths, a strong economic foundation, enormous market potential, and hundreds of millions of intelligent and hardworking people. We just have to face challenges head-on, boost confidence in development, and create strong impetus for growth, and we will, without doubt, be able to get across the narrow pass of the present and embrace a bright future for China’s development. These are the solid foundations and supports that will ensure we accomplish our public finance work and give play to the roles and functions of public finance.

（二）2020年预算编制和财政工作的指导思想和原则。

2. The thinking and principles guiding the preparation of the 2020 budget and public finance work

今年预算编制和财政工作，要在以习近平同志为核心的党中央坚强领导下，以习近平新时代中国特色社会主义思想为指导，全面贯彻党的十九大和十九届二中、三中、四中全会精神，坚决贯彻党的基本理论、基本路线、基本方略，增强“四个意识”、坚定“四个自信”、做到“两个维护”，紧扣全面建成小康社会目标任务，统筹推进疫情防控和经济社会发展工作，在疫情防控常态化前提下，坚持稳中求进工作总基调，坚持新发展理念，坚持以供给侧结构性改革为主线，坚持以改革开放为动力推动高质量发展，坚决打好三大攻坚战，加大“六稳”工作力度，保居民就业、保基本民生、保市场主体、保粮食能源安全、保产业链供应链稳定、保基层运转，坚定实施扩大内需战略，以更大的宏观政策力度对冲疫情影响，积极的财政政策要更加积极有为，提高赤字率，发行抗疫特别国债，增加地方政府专项债券，坚持精打细算、把钱用在刀刃上，提高资金使用效率，真正发挥稳定经济的关键作用，维护经济发展和社会稳定大局，确保完成决战决胜脱贫攻坚目标任务，全面建成小康社会。

The thinking guiding this year’s budget preparation and public finance work is as follows:

• Follow the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core

• Take Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as our guide

• Fully implement the guiding principles of the Party’s 19th National Congress and the second, third, and fourth plenary sessions of its 19th Central Committee

• Firmly put into practice the Party’s basic theory, line, and policy

• Strengthen our consciousness of the need to maintain political integrity, think in big-picture terms, follow the leadership core, and keep in alignment with the central Party leadership

• Have firm confidence in the path, theory, system, and culture of socialism with Chinese characteristics

• Uphold General Secretary Xi Jinping’s core position on the Party Central Committee and in the Party as a whole and uphold the Central Committee’s authority and its centralized, unified leadership

• Focus on the objectives and tasks for completing the building of a moderately prosperous society in all respects

• Coordinate the work of covid-19 containment and the tasks of economic and social development

• Continue regular covid-19 control

• Adhere to the general principle of pursuing progress while ensuring stability

• Continue to apply the new development philosophy

• Continue to regard supply-side structural reform as our main task

• Continue to draw on the impetus of reform and opening up to drive high-quality development

• Achieve decisive progress on the three critical battles

• Step up efforts to ensure stability on the six fronts and maintain security in the six areas

• Firmly implement the strategy of expanding domestic demand and offset the impact of the covid-19 outbreak with stronger macro policies

• Pursue a proactive fiscal policy that is more proactive and impactful

• Raise the deficit-to-GDP ratio, issue government bonds for covid-19 control, and increase the special-purpose bonds issued by local governments

• Scrutinize all expenditure items and see that every sum is spent where it is needed most

• Improve the efficacy of expenditure and give full play to its crucial role in stabilizing the economy

• Maintain economic and social development and social stability, ensure a decisive victory in the fight against poverty, and bring to completion the building of a moderately prosperous society

贯彻上述指导思想，要着重把握好以下原则：一是艰苦奋斗、勤俭节约。坚决落实政府真正过紧日子要求，开源节流、增收节支、精打细算，执守简朴、力戒浮华，厉行节约办一切事业。二是以收定支、提质增效。实事求是编制收入预算，提高财政收入质量。坚持量入为出、有保有压、可压尽压，打破基数概念和支出固化格局。三是加强管理、严肃纪律。坚持先有预算后有支出，严控预算追加事项。严格遵守财经法律法规和制度规定，对违反财经纪律的，严肃追究责任。四是上下联动、齐心协力。强化全国“一盘棋”思想，加强中央与地方协同配合，在应对疫情冲击、落实财税改革部署、强化财政收支管理、增强财政可持续性和经济社会发展后劲等方面形成强大合力。

To put the above thinking into action, we need to focus on applying the following principles:

First, working hard and economizing. Government must truly tighten its belt, grow its revenue streams and reduce expenses, and carefully cost and count all spending. We will keep things as simple as possible, abstain from all excess, and practice economy in all activities.

Second, basing expenditures on receipts and enhancing quality and efficiency. We must prepare revenue budgets in a realistic and pragmatic fashion, and work to improve the quality of receipts. We will continue to measure outlays based on receipts, continue to spend in some areas and to cut in others, and make cuts to expenditures wherever possible. We will break with the idea of base budgets and fixed expenditure patterns.

Third, strengthening management and enforcing strict discipline. We will insist that a budget first be in place before an outlay is made, and keep strict control over additional budgetary items. We will strictly comply with the provisions of financial and economic laws and regulations and hold to account those who violate financial and economic discipline.

Fourth, coordinating the actions of central and local authorities and getting all levels working as one. We will bear in mind the importance of coordinating resources nationwide, foster stronger collaboration and support between the central and local governments, and generate powerful synergy for overcoming the impact of the virus, implementing fiscal and tax reform plans, strengthening management of fiscal receipts and outlays, and enhancing the sustainability of public finance and economic and social development.

（三）2020年财政政策和财政工作。

3. Fiscal policy and fiscal tasks in 2020

2020年积极的财政政策要更加积极有为，围绕做好“六稳”工作、落实“六保”任务，以更大的政策力度对冲疫情影响，真正发挥稳定经济的关键作用。2020年的财政政策重点包括：

Our proactive fiscal policy will be made more proactive and impactful in 2020. Great efforts will be made to ensure stability on the six fronts and security in the six areas. We will adopt stronger policies to mitigate the impact of the covid-19 outbreak, and see that we truly serve as a key ballast for the economy.

Priorities in fiscal policy in 2020 include the following:

一是加大减税降费力度。强化阶段性政策，与制度性安排相结合，重点减轻中小微企业、个体工商户和困难行业企业税费负担。前期出台的6月前到期的主要减税降费政策，执行期限延长到今年年底，支持市场主体纾困发展，努力稳企业保就业。预计全年为市场主体新增减负将超过2.5万亿元。

First, we will step up tax and fee cuts. We will use both institutional arrangements and temporary policies to cut taxes and fees, with the focus on reducing the burden on micro, small, and medium-sized enterprises, self-employed individuals, and enterprises in industries in difficulty. Major policies on tax and fee cuts that were introduced earlier and are due to expire by June will be continued till the end of the year, to support market entities through difficulties and help them develop and to stabilize employment. It is estimated that with these measures we will ease the burden on market entities by more than 2.5 trillion yuan for the year.

二是多渠道筹集资金。在特殊时期采取特殊举措，将赤字率从2.8%提高至3.6%以上，财政赤字规模比去年增加1万亿元，积极对冲疫情造成的减收增支影响，稳定并提振市场信心。同时发行抗疫特别国债1万亿元。加大各类结转结存资金盘活使用力度，努力增加可用财力，弥补财政减收增支缺口。

Second, we will collect funds through multiple channels. Special measures are required for special circumstances. We will raise the deficit-to-GDP ratio from 2.8% to above 3.6%. The fiscal deficit will be 1 trillion yuan more than last year, in order to proactively offset the pandemic’s impact on revenue and expenditure, and to stabilize and bolster market confidence. Meanwhile, we will issue covid-19 bonds of 1 trillion yuan. All types of surplus, idle and carryover funds that should be taken back will be withdrawn and reallocated to increase available funds and make up for the gap caused by increased expenditure and decreased revenue.

三是调整优化支出结构。基本民生支出要只增不减，重点领域支出要切实保障，一般性支出要坚决压减，严禁新建政府性楼堂馆所，严禁铺张浪费。中央政府部门带头过紧日子，中央本级支出下降0.2%，其中非急需非刚性支出压减50%以上。地方财政也要大力压减一般性支出，继续压减“三公”经费，严控会议差旅、咨询培训、论坛展会等经费。各类结余、沉淀资金要应收尽收，重新安排。财政资金要大力提质增效，务必精打细算，把钱用在刀刃上。

Third, we will adjust and optimize the composition of fiscal expenditure. Spending on public wellbeing will only be increased and not cut. Spending in key areas will be truly guaranteed, while general expenditures will be firmly cut. Construction of new government buildings and wasteful and excessive spending will be strictly prohibited. Central government departments will take the lead on belt tightening. Central government will achieve spending cuts of 0.2%, of which outlays on non-essential and non-obligatory items will be slashed by over 50%. Local authorities will also need to drastically reduce general expenditure, and continue working to pare down spending on official overseas visits, official vehicles, and official hospitality; strictly rein in expenses on meetings and business trips, consulting and training, and forums and exhibitions. All types of surplus, idle, and carryover funds that should be taken back will be withdrawn and reallocated. We will improve the quality and efficiency of fiscal expenditures, make careful calculations and sound arrangements, and spend money where it will be used to the best effect.

四是缓解地方财政困难。新增加的财政赤字和抗疫特别国债全部安排给地方，要不折不扣用在落实“六保”任务和减税降费等方面。建立特殊转移支付机制，资金直达市县基层，直接惠企利民，主要用于保就业、保基本民生、保市场主体，包括支持减税降费、减租降息、扩大消费和投资等，强化公共财政属性，决不允许截留挪用。

Fourth, we will ease local government budget difficulties. All of the deficit increase and all funds raised from the covid-19 bonds will be given to local governments to be used solely for maintaining security in the six areas and funding tax and fee cuts. A special transfer payment mechanism will be set up to ensure that funds go straight to prefecture and county governments and directly benefit businesses and people. Such funds should be primarily used to ensure employment, meet basic living needs, and protect market entities. This includes support for efforts to cut taxes and fees, reduce rentals and interest on loans, and increase consumption and investment. We will ensure the public nature of government funds is preserved and see that no such funds are allowed to be withheld or diverted to non-designated uses.

五是扩大政府投资规模。抗疫特别国债主要用于地方公共卫生等基础设施建设和抗疫相关支出，并预留部分资金用于地方解决基层特殊困难。安排地方政府新增专项债券3.75万亿元，比去年增加1.6万亿元，有效支持补短板、惠民生、促消费、扩内需。

Fifth, we will expand government investment. The covid-19 bonds will be mainly used for local public health and other infrastructure construction and epidemic response, while some funds will be reserved for local governments to solve special difficulties at the primary level. This year 3.75 trillion yuan of special-purpose bonds will be issued by local governments, a 1.6 trillion yuan increase over last year, to be used to effectively address deficiencies, improve living standards, boost consumer spending, and expand domestic demand.

2020年主要收支政策和下一阶段重点财政工作：

Main revenue and expenditure policies in 2020 and major fiscal work in the next stage:

1．支持打好三大攻坚战。

1) Supporting efforts to advance the three critical battles

坚决打赢脱贫攻坚战。继续加大财政扶贫投入力度，中央财政补助地方专项扶贫资金安排1461亿元，连续五年每年增加200亿元，并通过结转资金再一次性增加300亿元，进一步向“三区三州”等深度贫困地区、挂牌督战地区和受疫情影响较重的地区倾斜。加大贫困县涉农资金整合力度，落实产业扶贫、就业扶贫、消费扶贫、教育扶贫等政策，加强易地扶贫搬迁后续扶持。继续优化完善动态监控平台，加强财政扶贫资金监管，强化扶贫项目资金全过程绩效管理。继续执行对摘帽县的主要扶持政策。支持做好防止返贫监测和帮扶工作，抓紧研究巩固脱贫攻坚成果、接续推进解决相对贫困的支持政策，推动脱贫攻坚与乡村振兴有机衔接。

We will strive to win the battle against poverty. We will continue to scale up funding for poverty alleviation. The central finance authorities will put 146.1 billion yuan toward subsidizing local poverty alleviation programs, which is a 20 billion yuan increase for the fifth year running. In addition, a one-time payment of 30 billion yuan funded by carryover funds will also go to poverty alleviation programs. The increase will be weighted more heavily toward deeply impoverished areas such as the three regions and the three prefectures, counties and villages which have not eliminated poverty and are listed for poverty alleviation supervision, and regions severely affected by the epidemic. We will intensify efforts to integrate rural development funds in poor counties, and implement policies on alleviating poverty through the development of local industry, employment, and education and by boosting the consumption of products from poor areas. We will strengthen follow-up support for poor populations relocated from inhospitable areas. We will further improve the platform for dynamic monitoring of government poverty alleviation funds, strengthen supervision over the use of these funds, and step up performance management throughout the entire process of project implementation. For counties that have recently eliminated poverty, major support policies will remain in place. We will facilitate monitoring to prevent people from falling back into poverty and the provision of timely help for those in need, and work out supporting policies for consolidating our poverty alleviation achievements and moving on to address relative poverty. We will work to align poverty alleviation with rural revitalization.

推动实现污染防治攻坚战阶段性目标。坚持方向不变、力度不减，突出依法、科学、精准治污，推动生态环境质量持续好转。重点支持打好蓝天、碧水、净土保卫战，大气、水、土壤等方面污染防治资金分别安排250亿元、317亿元、40亿元。加快推进城市黑臭水体治理、中西部城镇污水处理提质增效、长江和黄河流域保护修复、农业农村污染治理、老旧柴油货车淘汰等重点工作。深入推进山水林田湖草生态保护修复工程试点，继续实施“蓝色海湾”整治行动和渤海综合治理。支持建立以国家公园为主体的自然保护地体系，实施防沙治沙和国土绿化行动，加大林业草原生态保护修复力度。推动国家绿色发展基金挂牌运营。加大对重点生态功能区生态补偿力度。加快推进长江、黄河流域横向生态补偿机制建设。

We will promote the completion of the current pollution prevention objectives. We will persist with the same direction and the same level of effort, taking targeted, scientific, and law-based measures to bring pollution under control and bring about continued improvements in the environment. Priority will be given to the campaigns to keep our skies blue, our waters clear, and our land pollution-free, with 25 billion, 31.7 billion, and 4 billion yuan, respectively, being allocated to the prevention and control of air, water, and soil pollution. We will work faster to advance key pollution control initiatives including the treatment of black, malodorous water bodies in urban areas, improvements to the quality and efficacy of urban sewage treatment in the central and western regions, protection and restoration in the Yangtze and Yellow river basins, pollution control in agriculture and rural areas, and the removal of old and high-emission diesel trucks from our roads.

We will press ahead with trials to protect and restore mountain, water, forest, farmland, lake, and grassland ecosystems, and continue with the Blue Bay initiative and further improve the water environment in the Bohai Sea area through comprehensive measures. We will support the development of a nature reserve system composed mainly of national parks, implement initiatives for afforestation and the control of desertification, and place greater weight on forest and grassland ecological conservation and restoration. We will promote the official launch of the national green development fund, and step up efforts to establish trans-regional compensation mechanisms for ecological conservation in the Yangtze and Yellow river basins. Compensation for ecological conservation in key ecosystem service zones will be increased.

切实做好防范化解风险工作。健全地方政府债务常态化监测机制，统一口径、统一监管，及时发现和处置潜在风险。综合采取各类措施稳妥化解存量隐性债务，严禁搞虚假化债，绝不为解决短期问题而留下后遗症。强化监督问责，做到终身问责、倒查责任。妥善处置地方高风险金融机构风险，厘清各方责任，依法承担风险损失。着力防范国内风险与外部输入性风险叠加共振。坚决守住不发生系统性风险的底线。

We will take effective measures to prevent and defuse risks. We will develop a mechanism for regular monitoring of local government debt and enforce unified standards and regulatory rules, so that we can identify and deal with potential risks promptly. We will take a variety of comprehensive and prudent measures to clear existing hidden debts, forbid fraud related to the clearing of debts, and firmly reject solutions that fix short-term problems but have long-term consequences. We will intensify oversight and accountability and ensure lifelong accountability and the retroactive investigation of liability. We will properly deal with risks in high-risk local financial institutions, and define the responsibilities of relevant parties, so that any losses incurred are duly borne in accordance with law. We will focus on preventing domestic risks from becoming interwoven with externally-generated risks, and resolutely ensure systemic risks are forestalled.

2．支持实施扩大内需战略。

2) Supporting implementation of the strategy of expanding domestic demand

促进消费回暖。在科学防控疫情的前提下，支持各类商场、市场全面复商复市、生活服务业常态化运营。鼓励在线消费等新业态发展，扩大绿色、健康消费。将新能源汽车推广应用财政补贴政策实施期限延长至2022年底，平缓补贴退坡力度和节奏，加快城市公共交通等领域汽车电动化，继续支持充电桩、换电站等建设。支持电商、快递进农村，补齐农产品冷链物流设施短板。加快建设养老服务体系，深入推进医养康养结合，稳步推进长期护理保险制度试点。

We will promote the recovery of consumer spending. Provided that science-based epidemic prevention and control is ensured, we will support all types of shopping malls and markets in fully resuming normal business and consumer service industries in restoring normal operations. We will encourage the development of new forms of business such as online shopping, and expand green and healthy consumption. We will extend government subsidy policies for promoting the use of new-energy vehicles until the end of 2022 and ease the gradient and pace of phasing out the subsidy, while working to accelerate the introduction of electric automobiles in urban public transportation and continuing support for the construction of charging facilities and battery swap stations. We will support e-commerce and express delivery services in entering rural areas and address inadequacies in cold-chain logistics facilities for agricultural products. We will expedite the development of elderly care service systems, promote in-depth integration between medical care and healthcare, and steadily advance trials for long-term care insurance schemes.

积极扩大有效投资。中央财政发行10000亿元抗疫特别国债，全部转给地方主要用于公共卫生等基础设施建设和抗疫相关支出。加强抗疫特别国债与其他财政资金的统筹衔接，增强地方资金使用自主权。大幅增加地方政府专项债券，坚持“资金跟着项目走”的原则，统筹考虑地方政府债务风险水平和项目准备情况进行合理分配，主要用于党中央、国务院确定的重点领域、重大战略项目，带动民间投资，有效支持补短板、惠民生、促消费、扩内需。中央预算内投资安排6000亿元，比上年增加224亿元。中央财政向中国国家铁路集团注资500亿元，支持发行500亿元铁路建设债券用作资本金，加大沿海干线高铁、城际铁路和沿江高铁项目建设力度。

We will actively expand effective investment. The central authorities will issue covid-19 bonds of 1 trillion yuan, which will be transferred in their entirety to local budgets and mainly used for expenditures related to public health and other infrastructure construction and epidemic control. Efforts will be made to improve coordination and alignment between covid-19 bonds and other fiscal funds, and more decision-making power will be given to local authorities over the use of funds. We will increase issues of local government special-purpose bonds by a large margin, adhere to the principle that funding follows specific projects, and take account of the debt risk levels of local governments in different areas and their project requirements when allocating the amounts for bond issues. Funds raised through this channel will be used primarily for key areas and major strategic projects confirmed by the Party Central Committee and the State Council with the aim of driving non-governmental investment and supporting the efforts to address deficiencies, improve living standards, boost consumer spending, and expand domestic demand. A total of 600 billion yuan will be earmarked in the central general budget for investment, an increase of 22.4 billion yuan over last year. The central government will inject 50 billion yuan into China State Railway Group, and support the issue of 50 billion yuan of railway construction bonds as capital funds, with the aim to step up the development of trunk high-speed railways along the coastline, intercity railways, and high-speed railways along the Yangtze River.

3．支持保居民就业。

3) Supporting efforts to safeguard employment

千方百计稳定和扩大就业。把保就业作为重中之重，稳定就业总量，改善就业结构，提升就业质量。中央财政安排就业补助资金539亿元，用好从失业保险基金结余中提取的超过1000亿元职业技能提升行动专账资金，以及工业企业结构调整专项奖补资金，促进地方落实各项就业创业政策。突出支持做好高校毕业生、退役军人、农民工等重点人群就业工作，多渠道促进就业创业。继续支持职业技能提升和高职扩招提质，今明两年职业技能培训3500万人次以上、高职院校扩招200万人。将返乡创业农民工按规定纳入一次性创业补贴范围。

We will do all we can to stabilize and expand employment. Safeguarding employment is a top priority. Total job numbers will be stabilized, while improvements will be made to the structure and quality of employment. Apart from the 53.9 billion yuan set aside by the central government for employment subsidies, we will also make good use of over 100 billion yuan of special funds for vocational skills training allocated from the balance of unemployment insurance funds as well as the funds for rewarding and subsidizing structural adjustments in industrial enterprises, and press local authorities to fully implement all policies on employment and startups. We will make it a priority to support key groups, such as higher education graduates, demobilized military personnel, and rural migrant workers, in finding employment, and facilitate employment and business startups through multiple channels. We will continue to support vocational skills training, and encourage vocational colleges to expand their student enrollments and pursue quality development. Between this year and next, more than 35 million people will receive vocational skills training and student enrollments in vocational colleges will grow by 2 million. We will extend, in accordance with regulations, the policy of providing a one-time start-up subsidy payment to migrant workers who return to the countryside and set up businesses.

保障失业人员基本生活。继续用好失业保险基金，加强失业人员基本生活保障和再就业服务，落实落细今年已出台的延长大龄失业人员领取失业保险金期限、阶段性实施失业补助金、提高价格临时补贴标准等失业人员帮扶措施，扩大失业保险保障覆盖范围。

We will guarantee basic living standards for unemployed workers. We will continue to put unemployment insurance funds to good use; strengthen safeguards for the basic living needs of unemployed workers; implement in full the unemployment assistance policies introduced earlier this year, including extensions to the duration of insurance benefits for older unemployed workers, the provision of time-limited unemployment subsidies, and increases to temporary price subsidies; and expand the coverage of unemployment insurance.

4．支持保基本民生。

4) Supporting efforts to ensure people’s basic wellbeing

支持发展公平而有质量的教育。优化教育经费使用结构，加强教育经费绩效管理，重点保障义务教育教师工资待遇落实，继续支持中西部贫困地区改善办学条件，不断缩小城乡、区域、校际差距。加大对地方教育领域转移支付，城乡义务教育补助经费增长8.3%、支持学前教育发展资金增长11.8%、学生资助补助经费增长9.6%、改善普通高中学校办学条件补助资金增长9.2%。加快推进城乡义务教育一体化发展，自2020年春季学期起，统一全国义务教育生均公用经费基准定额。加强乡镇寄宿制学校、乡村小规模学校和县城学校建设。有效解决进城务工人员子女上学难问题。进一步增加普惠性学前教育资源供给，继续向深度贫困地区倾斜。加快推进高中阶段教育普及攻坚，促进职业教育提质培优，支持加快一流大学和一流学科建设，支持中西部高校发展，提升高等教育内涵式发展水平。

We will support the development of fair, high-quality education. We will improve the structure of educational spending and strengthen performance-based management of educational funds. We will make certain that teachers in compulsory education receive their pay packages in full, continue to provide aid to impoverished areas in the central and western regions to improve conditions in schools, and narrow the gap between urban and rural areas, between regions, and between schools. Transfer payments for local education will increase: subsidies for urban and rural compulsory education will rise by 8.3%, support for the development of pre-school education by 11.8%, funding for student financial aid by 9.6%, and subsidies for improving conditions in regular senior secondary schools by 9.2%.

We will speed up the integrated development of urban and rural compulsory education. Starting from the 2020 spring semester, we will establish a unified benchmark for public funding per student in compulsory education schools nationwide. We will step up the development of boarding schools in towns and townships, small rural schools, and schools in county towns. We will effectively ensure that all children of rural migrant workers in cities have access to education. We will work to increase the provision of public-interest preschool education and continue to tilt resources toward deeply impoverished areas. We will intensify efforts to provide universal senior secondary education and promote better quality vocational education that cultivates outstanding graduates. We will support the development of world-class universities and world-class disciplines, facilitate the growth of higher education institutions in the central and western regions, and advance development of substance in higher education.

推进健康中国战略。坚持把人民群众生命安全和身体健康放在第一位，坚决落实常态化疫情防控要求，加大财政投入力度，突出可持续、保底线，促进人民健康和医疗卫生水平提高。居民医保人均财政补助标准提高30元，达到每人每年550元，同步提高个人缴费标准。基本公共卫生服务经费人均财政补助标准提高5元，达到每人每年74元，新增基本公共卫生服务财政补助经费全部用于城乡社区，强化基层卫生防疫。巩固完善基本医保住院费用异地就医直接结算机制。稳步提高医疗保险基金统筹层次，扎实推进市级统筹。支持深化医疗、医保、医药联动改革。有序扩大国家组织药品集中采购和使用药品品种范围，开展国家组织高值医用耗材集中采购试点。优化医疗卫生资源投入结构，继续支持深化公立医院综合改革。促进中医药振兴发展。加强公共卫生体系建设，推动建设重大疫情防控救治体系和应急物资保障体系，稳步推进区域医疗中心建设。支持做好卫生健康人才培养培训工作。

We will advance the Healthy China initiative. With continued commitment to making people’s health and safety our top priority, we will take resolute actions to meet the requirements for regular epidemic control, increase government investment in health, and improve public health and medical services in a sustainable way that ensures basic needs. We will increase per capita government subsidies for basic medical insurance for rural and non-working urban residents by 30 yuan, to 550 yuan per person per annum. Similar increases will be applied to personal contributions. We will raise per capita government subsidies for basic public health services by 5 yuan, to 74 yuan per person per annum. All of the increase in subsidies for basic public health service expenditures will go to urban and rural communities to help strengthen healthcare and epidemic control at the primary level.

The mechanism for settling inpatient expenses where incurred via basic medical insurance accounts will be improved. Steady moves will be made to turn the overall management of medical insurance funds over to higher-level authorities, and solid steps will be taken toward unifying management at the city level. We will support the deepening of coordinated medical service, medical insurance, and pharmaceutical reforms. We will expand the scope of centralized medicine procurement and use to more medicines in an orderly way and pilot the centralized procurement of high-priced medical materials. We will optimize the structure of medical and healthcare inputs and continue to support further comprehensive reform of public hospitals. We will promote the development of traditional Chinese medicine. We will intensify the development of the public healthcare system and promote the building of systems for the prevention, control, and treatment of major epidemic diseases and for guaranteeing emergency supplies, and steadily advance the development of regional medical centers. We will support the development and training of healthcare personnel.

稳步提高养老保障水平。按5%的幅度上调退休人员基本养老金，同时适度提高城乡居民基础养老金最低标准。全面推进基本养老保险省级统筹，确保2020年底前实现基金省级统收统支。加快推进养老保险全国统筹。将企业职工基本养老保险基金中央调剂比例提高到4%，加大对困难地区的支持力度，确保退休人员基本养老金按时足额发放。加强面向社区的养老服务供给和设施建设，持续推动医养结合，支持养老事业发展。

We will increase support levels for our seniors. Pension benefits for retirees will be increased by 5%. Minimum basic pension benefits for rural and non-working urban residents will also be increased as appropriate. We will press ahead with bringing basic old-age insurance under provincial-level management, ensuring that by the end of 2020, the collection and spending of funds is unified at the provincial level. We will also accelerate efforts to carry out overall planning for old-age insurance at the national level. We will raise the share of basic old-age insurance funds for enterprise employees under central regulation to 4% and increase support for areas in financial difficulty to ensure aged-care pensions for retirees are paid on time and in full. We will improve the provision of elderly care services and the construction of service facilities at the community level, continue promoting the integration of medical and elderly care services, and support development of elderly care programs.

做好民生兜底工作。把保障困难群众基本生活等基本民生支出放在优先保障的重要位置，中央财政困难群众救助补助资金安排1484亿元，支持各地做好低保、特困人员救助供养、临时救助、流浪乞讨人员救助、孤儿基本生活保障等工作。支持残疾人事业发展。扩大低保保障范围，对城乡困难家庭应保尽保，及时将符合条件的城镇失业和返乡人员纳入低保等救助范围。及时启动社会救助和保障标准与物价上涨挂钩联动机制，阶段性加大价格临时补贴力度，努力降低物价上涨对困难群众基本生活的影响。中央财政医疗救助补助资金安排286亿元，用于减轻困难群众的医疗负担，做好医疗保障托底。

We will work hard to meet people’s basic needs. We will prioritize expenditures on the people’s wellbeing, such as assistance to ensure the basic living needs of people in financial difficulty. The central government will allocate 148.4 billion yuan in aid subsidies for groups in need. This funding will support local governments in providing subsistence allowances, assistance to people in extreme poverty, temporary assistance, and assistance to beggars and the homeless, and in ensuring basic living conditions for orphans. We will support the development of programs for people with disabilities. We will expand the coverage of subsistence allowances, ensure every urban and rural household in financial difficulty receives the benefits they are entitled to, and include eligible jobless workers in both urban and rural areas and returning migrant workers within the scope of social assistance including subsistence allowances. We will increase social security assistance and benefit payments in step with price increases as necessary and increase temporary price subsidies in the short term, so as to reduce the impact of price rises on the basic quality of life for people in financial difficulty. The central government will allocate 28.6 billion yuan for medical assistance subsidies to ease the medical care burden on people in financial difficulty and meet people’s basic medical care needs.

完善基本住房保障体系。中央财政城镇保障性安居工程补助资金安排707亿元，重点支持城镇老旧小区改造和发展租赁住房，加强城市困难群众住房保障，继续支持棚户区改造。中央财政农村危房改造补助资金安排185亿元，继续推进农村危房改造和农房抗震改造。

We will improve the basic housing support system. The central government will allocate 70.7 billion yuan for government-subsidized housing projects in urban areas. The spending will focus on supporting the renovation of old residential communities and the development of rental housing, strengthening housing support for urban residents in need, and giving continued support to the rebuilding of run-down areas. The central government will allocate 18.5 billion yuan in subsidies to continue renovations of dilapidated rural housing and upgrade rural housing to make it more earthquake resistant.

加强公共文化服务体系建设。中央支持地方公共文化服务体系建设补助资金安排152亿元，支持提高基本公共文化服务的覆盖面和适用性，促进基本公共文化服务均等化。积极帮扶受疫情影响的部分文化产业恢复发展。支持推进中华优秀传统文化传承发展工程。做好北京冬奥会、冬残奥会筹办和国家队备战奥运财力保障工作。

We will develop the system of public cultural services. The central government will allocate 15.2 billion yuan in subsidies to local governments for developing the system of public cultural services. We will facilitate efforts to expand the coverage of basic public cultural services, make sure such services are more adaptable to people’s needs, and make access to them more equitable. We will actively assist cultural industries that have been affected by the covid-19 outbreak to boost their recovery. We will support programs to keep fine traditional Chinese culture thriving. We will provide financial guarantees for preparatory work for the 2022 Beijing Winter Olympics and Paralympics and for Team China’s preparations for the coming Olympic Games.

5．支持保市场主体。

5) Supporting efforts to safeguard market entities

加大减税降费力度。今年继续执行2019年下调增值税税率和企业养老保险费率政策，减税降费翘尾约5000亿元。前期已出台的部分阶段性减税降费政策，包括免征中小微企业养老、失业和工伤保险单位缴费，减免小规模纳税人增值税，免征公共交通运输、餐饮住宿、旅游娱乐、文化体育等服务增值税，减免航空公司民航发展基金、港口建设费，执行期限全部延长到今年底。小微企业、个体工商户所得税延缓到明年缴纳。要坚决把减税降费政策落到实处，尽力帮助企业特别是中小微企业、个体工商户渡过难关。

We will step up tax and fee cuts. This year, we will continue the policy introduced in 2019 on reduced VAT rates and enterprise contributions to old-age insurance schemes, the carryover effect of which will result in tax and fee reductions of around 500 billion yuan. Some of the time-limited policies on tax and fee cuts that were introduced earlier will be continued till the end of the year, including the exemption of micro, small, and medium-sized enterprises’ contributions to old-age insurance, unemployment insurance, and workers’ compensation insurance schemes, the reduction or exemption of VAT for small-scale taxpayers, VAT exemption for public transportation, catering, accommodation, tourism, entertainment, cultural, and sports services, and the deduction or waiving of port development fees and payments to the civil aviation development fund. Collection of income tax for small and micro businesses and self-employed individuals will be postponed until next year. We will work hard to see polices on tax and fee reductions deliver solid results, and do our utmost to help enterprises especially micro, small, and medium-sized businesses and self-employed individuals overcome difficulties.

推动降低企业生产经营成本。与货币、产业政策协同发力，强化对受疫情影响较大行业企业的支持，支持解决企业融资难、融资贵问题。减免国有房产租金，鼓励各类业主减免或缓收房租。政府性融资担保行业减半收费，将综合融资担保费率降至1%以下。国家融资担保基金2020年新增再担保业务规模不低于4000亿元。允许符合条件的创业担保贷款展期，进一步增加支持群体、降低进入门槛，将受疫情影响的个体工商户、出租车司机等纳入支持范围。

We will help enterprises reduce their production and operating costs. Combining our efforts on monetary and industrial policies, we will enhance support for enterprises in industries severely affected by the covid-19 outbreak, and help address the problem of enterprises finding it hard and expensive to access financing. We will reduce state-owned property rentals and encourage all types of property owners to also reduce rent rates or defer collection. We will halve guarantee fees collected by government guarantee institutions and lower the comprehensive financing guarantee fee to below 1%. The re-guarantee businesses of the state financing guaranty fund will be increased by no less than 400 billion yuan in 2020. We will allow extensions to eligible guarantee loans for business startups, and see that such loans provide support to more groups by making them more accessible to self-employed individuals, taxi drivers and others affected by the outbreak.

持续激发市场主体活力。深化“放管服”改革，深入推进大众创业万众创新，支持打造全链条、专业化的公共服务平台，发挥好国家级新区、高新区、双创示范基地带动作用。落实鼓励创业投资发展的税收优惠政策。继续实施小微企业融资担保降费奖补政策，鼓励扩大实体经济领域小微企业融资担保业务规模，降低小微企业融资担保费率。继续做好清理拖欠民营企业、中小企业账款工作。

We will continue to stimulate the vitality of market entities. We will deepen reforms to streamline administration and delegate power, improve regulation, and upgrade services; continue to encourage entrepreneurship and innovation nationwide; support the development of comprehensive and professional public service platforms; and give play to the guiding role of state-level new areas, new- and high-tech development zones, and innovation and entrepreneurship demo centers. We will implement preferential tax policies to encourage investment in business startups. We will continue to implement the policy of providing rewards and subsidies to promote the reduction of financing guaranty fees for small and micro businesses, encourage a larger scale of financing guarantees for such businesses in the real economy, and ensure lower guaranty fee rates for them. We will continue working to clear late payments to private enterprises and small and medium businesses.

6．支持保粮食能源安全。

6) Supporting efforts to ensure food and energy security

全力保障粮食等重要农产品供应。稳定粮食播种面积和产量，提升国家粮食安全保障能力，把饭碗牢牢端在自己手上。强化耕地保护与农田水利建设，支持新建高标准农田8000万亩，实施东北黑土地保护性耕作4000万亩。深入推进大豆振兴计划，深化粮食收储制度改革，完善稻谷、小麦最低收购价政策和玉米、大豆市场化收购加生产者补贴机制。支持保障国内粮食供应和市场稳定。落实扶持生猪生产恢复政策，稳定和保障国内猪肉市场供应。持续加强非洲猪瘟、高致病性禽流感等重大动物疫病防控，促进畜牧水产养殖业全面发展。

We will make all-out efforts to ensure the supply of grain and other major agricultural products. We will keep grain acreage and output stable, and enhance our country’s ability to guarantee food security, so that we always have control of our own food supply. We will strengthen the protection of cultivated land and the development of farmland irrigation and water conservancy, support an increase in the area of high-quality cropland by 5.33 million hectares, and apply conservation tilling techniques to 2.67 million hectares of chernozem soil in northeast China. We will make steady progress on a plan to revitalize soybean production, deepen reform of grain purchase and storage systems, and improve the policy on setting minimum state-purchase prices for rice and wheat as well as the mechanism for combining market-based purchases with government subsidies for corn and soybean producers. We will support and ensure domestic grain supply and market stability. We will implement policies on supporting the recovery of hog production, and stabilize and ensure pork supply in the domestic market. We will continue to strengthen the prevention and control of major animal epidemics and diseases such as African swine fever and highly pathogenic avian influenza, and promote comprehensive development of livestock and aquaculture farming.

着力保障能源安全。继续支持页岩气、煤层气等非常规天然气开采利用，支持可再生能源健康发展，促进能源结构调整。建立和完善能源安全储备制度。降低企业用电用气成本，继续将除高耗能以外的大工业和一般工商业电价降低5%；实施支持性两部制电价政策，重点减免两部制电力用户容（需）量电费负担，对新建扩建医疗场所免收高可靠性供电费；阶段性降低非居民用气价格，提前实行淡季天然气价格政策，对化肥等涉农生产且受疫情影响大的行业给予更优惠气价。

We will redouble efforts to ensure energy security. We will continue supporting the exploitation and utilization of unconventional natural gas such as shale gas and coal seam gas, and facilitate the sound development of renewable energy, in an effort to adjust the energy mix. We will put in place sound reserve systems to ensure energy security. We will work to lower electricity and gas costs for enterprises: we will further cut the price of electricity by 5% for all general industrial and commercial users and large industries, except for energy intensive businesses; we will implement two-part tariff in electricity, with the focus on waiving or reducing capacity charges for two-part tariff consumers, and waive high-reliability power supply charges for the building of new medical facilities and extensions; we will introduce time-limited price cuts for non-household gas consumption, bring forward the introduction of slack season gas prices, and apply reduced gas charges to agriculture-related industries seriously affected by covid-19 such as chemical fertilizer businesses.

7．支持保产业链供应链稳定。

7) Supporting efforts to ensure stable industrial and supply chains 

支持制造业高质量发展。推动加快恢复和稳定产业链供应链。鼓励加大设备更新和技改投入，推动传统制造业优化升级，支持战略关键领域工程化攻坚、重点产业升级服务平台建设。支持发展工业互联网，推进智能制造。落实首台（套）重大技术装备保险补偿试点政策，大力促进创新产品推广应用。实施数字经济新业态培育行动，支持建设数字供应链。支持集成电路和软件产业高质量发展。研究建立与支持创新相适应的政府采购交易制度、成本管理和风险分担机制。促进先进制造业与现代服务业深度融合发展，打造中国服务高端品牌。

We will support high-quality development of the manufacturing sector. We will facilitate accelerated efforts to restore and stabilize industrial chains and supply chains. We will encourage enterprises to spend more on equipment upgrading and technological transformation, promote improvement and upgrading in traditional manufacturing, and support project-based development in key areas of strategic importance and upgrading of service platforms in key industries. We will support development of the industrial internet and advance smart manufacturing. We will implement the policy on piloting insurance compensation for newly-developed major technological equipment, which will help to promote wider application of innovative products. We will launch a campaign to foster new forms of business in the digital economy, and support the development of digital supply chains. We will promote high-quality development of the integrated circuits and software industries. Explorations will be made toward establishing government procurement trading systems and cost management and risk sharing mechanisms that facilitate innovation. We will promote the further integration of advanced manufacturing and modern services and the building of high-end Chinese service brands.

提高科技创新支撑能力。加大对新冠肺炎疫苗、药物和快速检测技术科研攻关的支持力度，切实保障资金需求。健全鼓励支持基础研究、原始创新的体制机制，加大关键核心技术攻关力度。支持国家实验室建设和国家重点实验室体系重组，强化国家战略科技力量。开展科技重大专项梯次接续有关工作，推动科技创新2030－重大项目加快实施。深化国际科技合作。加强知识产权保护。支持实行重点项目攻关“揭榜挂帅”。推进赋予科研人员职务科技成果所有权或长期使用权试点，释放科研机构和人员创新活力。

We will enhance the capacity of scientific and technological innovation to support development. We will increase support for scientific research into covid-19 vaccines, remedies, and rapid testing technologies and ensure that funding needs for research are satisfied. We will improve our supporting systems and mechanisms for basic research and original innovation and step up efforts to achieve breakthroughs in core technologies in key fields. We will support the building of national laboratories and the reorganization of the system of key national laboratories, efforts which will increase China’s strategic scientific and technological strength. We will start relevant work regarding the tiered replacement of major science and technology programs to promote accelerated implementation of major projects for the Sci-Tech Innovation 2030 Agenda. We will intensify international cooperation on science and technology. Intellectual property protection will be strengthened. We will support the introduction of an open competition mechanism for selecting the best candidates to lead key research projects. We will promote trials to grant researchers ownership or permanent use rights over scientific and technological outputs at work. This will unlock fresh vitality for innovation among research institutes and personnel.

稳住外贸外资基本盘。继续支持引导跨境电子商务综合试验区建设，加快培育外贸新增长点。加快海南自由贸易港建设。支持边境经济合作区等重点地区提升公共服务水平，鼓励扩大先进设备和技术、关键零部件等进口。深化服务贸易创新发展试点，鼓励承接国际服务外包业务、技术及技术服务出口等。建立健全外商投资促进公共服务体系，引导有序开展对外投资合作，推动共建“一带一路”。

We will ensure basic stability of foreign trade and foreign investment. We will continue to support and guide the development of integrated experimental zones for cross-border e-commerce, and work faster to foster new growth areas in foreign trade. We will expedite the development of the Hainan Free Trade Port. We will support border economic cooperation zones and other key areas in improving public services, and encourage increases in the import of advanced equipment, technologies, and important parts and components. We will expand trials for innovative development of the trade in services, and encourage domestic companies to undertake services outsourced from other countries and the export of technologies and technological services. We will improve public service systems for facilitating foreign investment, provide guidance for the orderly growth of outbound investment and international cooperation, and promote joint efforts to pursue the Belt and Road Initiative.

8．支持保基层运转。

8) Supporting efforts to ensure the normal functioning of primary-level governments

中央财政统筹新增赤字、以前年度结转资金、压减本级支出腾出的财力等渠道，切实加大对地方财力的支持力度，缓解地方收入增长放缓带来的财政支出压力。中央对地方转移支付增长12.8%，其中一般性转移支付（不含共同财政事权转移支付）增长7.5%，高出中央本级支出7.7个百分点，重点向革命老区、民族地区、边疆地区、贫困地区以及受疫情影响较大的地区倾斜，支持地方尤其是困难地区正常运转。在一般性转移支付中，均衡性转移支付安排17192亿元，增长10%；县级基本财力保障机制奖补资金安排2979亿元，增长10%；老少边穷地区转移支付安排2796.1亿元，增长12.4%。安排特殊转移支付6050亿元，用于支持地方落实“六保”任务，应对执行中的不确定因素。同时，积极创新财政资金分配方式，最大限度下沉财力，确保资金直达市县基层，直接惠企利民。

The central government will utilize a number of avenues, such as a deficit increase, carryover from previous years, and financial resources freed up by cuts to its spending, to substantively boost its fiscal support for local governments, so as to ease the expenditure pressure they face as a result of the slowdown in local revenue growth. To support the normal functioning of local governments, especially in areas in financial difficulty, the central government will increase transfer payments to local government by 12.8%. Of this, general transfer payments (not including payments for shared fiscal powers) will increase by 7.5%, which is 7.7 percentage points higher than the expenditures of the central government this year. General transfer payments will be weighted toward old revolutionary base areas, areas with large ethnic minority populations, border areas, poor areas, and areas significantly impacted by the covid-19 outbreak. General transfer payments will include: 1.7192 trillion yuan for ensuring equal access to basic public services, an increase of 10%; 297.9 billion yuan in rewards and subsidies for the mechanism to ensure basic funding for county-level governments, an increase of 10%; and 279.61 billion yuan for old revolutionary base areas, areas with large ethnic minority populations, border areas, and poor areas, an increase of 12.4%. We will make a special transfer payment of 605 billion yuan to local governments, which will be used to guarantee security in the six areas and to respond to the various uncertainties that arise in doing so. In addition, we will also create new approaches for allocating government funds, channel as many financial resources as possible to the lower levels of government, and ensure resources go directly to prefecture and county governments and directly benefit businesses and people.

9．支持城乡区域协调发展。

9) Supporting coordinated urban-rural and regional development

加强农村公共服务。以疫情防控为切入点，加强农村人居环境整治和公共卫生体系建设，因地制宜推进农村厕所革命，强化农村生活垃圾和污水处理，推动美丽乡村建设提档升级。积极支持农村饮水工程维修养护并向贫困地区倾斜，启动实施水系连通及农村水系综合整治试点。推动加快“四好农村路”等农村基础设施建设。深入推进农村综合改革试点试验，加强农村基层组织运转经费保障，探索行之有效的乡村治理新模式。

We will improve public services in rural areas. With covid-19 containment as a starting point, we will intensify efforts to improve the living environment and public health system in rural areas, and support Toilet Revolution initiatives that meet local needs, improvements to household waste and sewage treatment, and efforts to take the building of a beautiful countryside to the next level. We will lend support to the maintenance of safe drinking water programs in rural areas, with weighting toward poor areas. We will launch trials to connect up water systems and improve rural water systems with comprehensive measures.

We will work faster to develop rural infrastructure and ensure our rural roads are well built, managed, maintained, and operated. We will deepen trials related to comprehensive rural reform, strengthen funding safeguards for the operations of community-level organizations in rural areas, and explore a new and more effective rural governance model.

促进农民持续增收。加大对多种形式适度规模经营主体的支持力度，加强对小规模种养户的服务。深入推进农村一二三产业深度融合发展，继续支持现代农业产业园创建和农业产业强镇建设，启动优势特色产业集群建设，提高农业经营效益。支持农民就近创业就业，扩大农民职业技能培训规模，强化对返乡农民工创业担保贷款和补贴支持。

We will promote sustained growth in rural incomes. We will enhance support for appropriately scaled agribusiness of various forms, and provide better services for small-scale family farming businesses. We will encourage deeper integration of primary, secondary, and tertiary industries in rural areas, continue to promote the development of modern agriculture industrial parks and towns with agricultural strengths, and begin to develop clusters of leading agro-industries with unique features, with a view to increasing the return in agribusiness. We will help rural residents start businesses or find employment closer to home, provide vocational skills training for more rural residents, and increase subsidies and guarantee loans to support returning rural migrant workers setting up businesses.

深入推进新型城镇化。大力提升城市基础设施和公共服务水平，加大政府投资力度，积极吸引社会资本投入。完善支持农业转移人口市民化财政政策，中央财政农业转移人口市民化奖励资金安排350亿元，引导地方特别是城市政府积极吸纳农业转移人口落户，切实提高农业转移人口市民化质量。强化财政保障力度，支持地方政府提高农业转移人口就业服务、社会保险、保障性住房、随迁子女教育基本公共服务质量。

We will move forward with new urbanization. We will make a major push to improve urban infrastructure and public services, step up government investment, and actively boost private investment in this regard. We will improve fiscal policies to support the granting of permanent urban residency to people living in urban areas with rural household registration. The central government is putting in place 35 billion yuan in rewards to encourage local governments, especially city authorities, to grant permanent residency to people originally from rural areas and improve the quality of government work in this respect. We will strengthen public finance support for local governments to raise the quality of basic public services for such residency-holders in the fields of employment, social insurance, government subsidized housing, and education for their children.

推动国家重大区域战略落地。继续推进西部大开发形成新格局、东北全面振兴、中部地区崛起、东部率先发展。加大财税政策支持力度，继续支持推进京津冀协同发展、粤港澳大湾区建设、长三角一体化发展等国家重大区域发展战略，扎实推进雄安新区建设，落实长江经济带共抓大保护措施，推动黄河流域生态保护和高质量发展，推动成渝地区双城经济圈建设。支持资源枯竭城市转型发展。促进革命老区、民族地区、边疆地区、贫困地区加快发展。研究制定“十四五”时期支持西藏、新疆社会经济发展财税政策。

We will promote implementation of China’s major regional strategies. We will continue to promote the formation of a new model for large-scale development in the western region, the full revitalization of the northeast, the rise of the central region, and the trailblazing development of the eastern region. We will strengthen fiscal and tax policies in support of further progress in the coordinated development of the Beijing-Tianjin-Hebei region, development of the Guangdong-Hong Kong-Macao Greater Bay Area, integrated development of the Yangtze River Delta, and other major strategies for regional development. We will take solid steps to advance the development of Xiongan New Area, implement measures for collective environmental protection on the Yangtze Economic Belt, promote ecological conservation and high-quality development of the Yellow River basin, and facilitate the development of the Chengdu-Chongqing economic circle. We will support the transformation and development of resource-depleted areas. We will help revolutionary base areas, areas with large ethnic minority populations, border areas, and poor areas achieve faster development. We will work out fiscal and tax policies to support the social and economic development of Tibet and Xinjiang during the 14th Five-Year Plan period (2021-2025).

与此同时，实施好支持湖北省经济社会发展的各项财税政策，着力支持做好保就业、保民生、保运转工作，推动加快复工复产、复市复业和产业链供应链稳定运行，促进湖北省经济社会全面恢复、财政平稳运行。

Meanwhile, we will ensure proper implementation of the fiscal and tax policies to support the economic and social development of Hubei Province. Support will be focused on helping Hubei to ensure employment, people’s wellbeing, and normal functioning of government, speed up the return to work and resumption of production, restart market and business operations, and keep industrial and supply chains running smoothly, so as to promote its economic and social recovery and the steady operation of its public finances.

10．支持国防、外交工作。

10) Supporting national defense and diplomacy

围绕更好服务党和国家大局，重点保障国防支出，支持国防和军队现代化建设。加快推进军民融合深度发展，做好资金保障，健全配套政策。完善优抚安置政策，支持退役军人服务保障体系建设，切实保障好退役军人待遇。支持中国特色大国外交，主动参与全球经济治理变革。

To better serve the overall interests of the Party and the country, we will support defense and military modernization with priority for ensuring national defense spending. We will provide financial guarantees and improve support policies to promote faster and deeper integration of military and civilian sectors. We will refine policies on preferential treatment and resettlement and support the development of a system to safeguard services for demobilized military personnel so as to effectively guarantee their due benefits. We will support the development of China’s diplomacy as a major country and actively contribute to the reform of global economic governance.

（四）2020年一般公共预算收入预计和支出安排。

4. General public budgetary revenue and expenditure for 2020

1．中央一般公共预算。

1) Central general public budget

中央一般公共预算收入82770亿元，比2019年执行数下降7.3%。加上从中央预算稳定调节基金调入5300亿元（包括决算整理期内预计新增补充的部分资金），从中央政府性基金预算、中央国有资本经营预算调入3580亿元，收入总量为91650亿元。中央一般公共预算支出119450亿元，增长9.1%。收支总量相抵，中央财政赤字27800亿元，比2019年增加9500亿元。

Revenue in the central government’s general public budget is projected at 8.277 trillion yuan, a drop of 7.3% over the actual figure in 2019. Adding in the total balance of the Central Budget Stabilization Fund of 530 billion yuan (including supplementary funds expected to be transferred in while combing through final accounts) and 358 billion yuan from the budgets of central government-managed funds and central government state capital operations, total revenue for 2020 is calculated at 9.165 trillion yuan. Expenditures in the central general public budget are projected to reach 11.945 trillion yuan, up 9.1%. Total expenditure will exceed total revenue, leaving a deficit of 2.78 trillion yuan, an increase of 950 billion yuan over that of 2019.

2020年中央一般公共预算支出分中央本级支出、对地方转移支付、中央预备费反映。

Expenditures in the 2020 central general public budget comprise central government expenditures, transfer payments to local governments, and payments to central government reserve funds.

（1）中央本级支出35035亿元，下降0.2%。其中，一般公共服务支出1721.76亿元，下降13.3%；外交支出543.05亿元，下降11.8%；国防支出12680.05亿元，增长6.6%；公共安全支出1832.72亿元，增长0.7%；教育支出1699.09亿元，下降7.5%（加上地方支出后，全国教育支出增长5.4%）；科学技术支出3196.51亿元，下降9.1%（加上地方支出后，全国科学技术支出增长3.1%）；粮油物资储备支出1216.18亿元，增长1%；债务付息支出5399.43亿元，增长18.2%。

(1) Central government expenditures are projected at 3.5035 trillion yuan, down 0.2%. The breakdown of this spending is as follows: 172.176 billion yuan on general public services, down 13.3%; 54.305 billion yuan on foreign affairs, a drop of 11.8%; 1.268005 trillion yuan on national defense, up 6.6%; 183.272 billion yuan on public security, up 0.7%; 169.909 billion yuan on education, a drop of 7.5% (national spending on education, which includes local outlays, will increase by 5.4%); 319.651 billion yuan on science and technology, down 9.1% (national spending in this area, which includes local outlays, will rise by 3.1%); 121.618 billion yuan on stockpiling grain, edible oils, and other materials, up 1%; 539.943 billion yuan on debt interest payments, up 18.2%.

（2）对地方转移支付83915亿元，增长12.8%。一般性转移支付70107.62亿元，增长4.9%，其中，共同财政事权转移支付32620.01亿元，增长2%，主要是支持地方做好教育、养老、医保等领域共同财政事权有关政策落实，促进基本公共服务均等化；其他一般性转移支付37487.61亿元，增长7.5%，高于中央本级支出增幅7.7个百分点，体现了中央财政加大对地方财力支持力度、增强困难地区财政保障能力的政策导向。专项转移支付（包含中央预算内投资）7757.38亿元，增长2.5%，集中资金引导地方落实党中央、国务院重大决策部署，对基础设施建设、污染治理、乡村振兴等领域给予支持。

(2) A total of 8.3915 trillion yuan will be transferred to local governments, up 12.8%. General transfer payments to local governments will total 7.010762 trillion yuan, up 4.9%. Of this amount, transfer payments for shared fiscal powers will increase by 2% to total 3.262001 trillion yuan. These payments will be mainly used to support local governments in implementing policies regarding shared fiscal powers in the areas such as education, elderly care, and medical insurance, and promoting equal access to basic public services. The remaining portion of general transfer payments totals 3.748761 trillion yuan, up 7.5%, which is 7.7 percentage points higher than the projected growth of total central government expenditures. This is a reflection of our policy orientation toward increasing the central government’s fiscal support for local governments and strengthening the fiscal capacity of regions facing economic difficulties.

Special transfer payments to local governments (including central government budgetary investment) will total 775.738 billion yuan, an increase of 2.5%. Transfer payments will be used primarily for guiding local governments to implement the major decisions and plans of the Party Central Committee and the State Council, with fiscal support going to areas like infrastructure construction, pollution control, and rural revitalization.

此外，中央对地方转移支付中新增设立了特殊转移支付，作为一次性财力安排，用于支持地方落实“六保”任务，重点用于保基本民生、保基层运转、公共卫生体系建设、重大疫情防控救治体系建设、应急物资保障体系建设以及应对下半年不确定因素等。2020年安排资金6050亿元，执行中将根据上述用途予以细化。

In addition, transfer payments to local governments include a new one-time special payment, which is to be used for supporting local governments to ensure security in the six areas, with a focus on guaranteeing basic living standards, ensuring normal functioning of primary-level governments, developing the public health system, major epidemic prevention, control and treatment systems, and the emergency supply system, and responding to uncertainties in the second half of the year. Funding in this regard is set at 605 billion yuan for the year. In the course of implementation, more detailed arrangements will be made for the abovementioned programs.

（3）中央预备费500亿元，与2019年预算持平。预备费执行中根据实际用途分别计入中央本级支出和对地方转移支付。

(3) Central government reserve funds total 50 billion yuan, which is consistent with the budgeted figure for 2019. The use of reserve funds will be counted as either central government expenditures or transfer payments to local governments, according to their use in practice.

2．地方一般公共预算。

2) Local general public budget

地方一般公共预算本级收入97500亿元，下降3.5%。加上中央对地方转移支付收入83915亿元、地方财政调入资金及使用结转结余21100亿元，收入总量为202515亿元。地方一般公共预算支出212315亿元，增长4.2%。地方财政赤字9800亿元，比2019年增加500亿元，通过发行地方政府一般债券弥补。

Revenue in the local general public budget is projected at 9.75 trillion yuan, down 3.5%. Adding in 8.3915 trillion yuan in transfer payments from the central government and 2.11 trillion yuan transferred from other local sources and utilized carryover and surplus funds, total revenue is calculated at 20.2515 trillion yuan. Expenditure in the local general public budget is projected at 21.2315 trillion yuan, an increase of 4.2%. This will create a deficit of 980 billion yuan at the local level, an increase of 50 billion yuan over 2019, to be made up by local governments through general-purpose bond issues.

3．全国一般公共预算。

3) National general public budget

汇总中央和地方预算，全国一般公共预算收入180270亿元，下降5.3%。加上调入资金及使用结转结余29980亿元，收入总量为210250亿元。全国一般公共预算支出247850亿元（含中央预备费500亿元），增长3.8%。赤字37600亿元，比2019年增加10000亿元。

Revenue in the national general public budget, combining the general public budgets of both the central and local governments, is projected at 18.027 trillion yuan, a drop of 5.3%. With the addition of 2.998 trillion yuan transferred from other sources and utilized carryover and surplus funds, total revenue is calculated at 21.025 trillion yuan. Expenditure in the national general public budget is projected at 24.785 trillion yuan (including 50 billion yuan for central government reserve funds), up 3.8%. This will leave a deficit of 3.76 trillion yuan, an increase of 1 trillion yuan over 2019.

（五）2020年政府性基金预算收入预计和支出安排。

5. Budgetary revenue and expenditure of government-managed funds for 2020

中央政府性基金预算收入3611.41亿元，下降10.6%。加上上年结转收入180.04亿元和抗疫特别国债收入10000亿元，收入总量为13791.45亿元。中央政府性基金预算支出10788.95亿元，其中，本级支出2781.32亿元，下降10.7%；对地方转移支付8007.63亿元，主要是抗疫特别国债安排的支出增加。调入一般公共预算3002.5亿元。

Budgetary revenue of central government-managed funds is projected at 361.141 billion yuan, down 10.6%. Adding in 18.004 billion yuan carried forward from last year and 1 trillion yuan raised from the issue of covid-19 bonds, total revenue is calculated at 1.379145 trillion yuan. Budgetary expenditure of central government-managed funds is expected to total 1.078895 trillion yuan. This figure consists of 278.132 billion yuan of central government spending, a decrease of 10.7%, and 800.763 billion yuan in transfer payments to local governments, the large bulk of which will be funded by covid-19 bonds. A projected 300.25 billion yuan will be transferred into the central general public budget.

地方政府性基金预算本级收入77834.64亿元，下降3.3%，其中，国有土地使用权出让收入70406.89亿元，下降3%。加上中央政府性基金预算对地方转移支付收入8007.63亿元、地方政府专项债务收入37500亿元，地方政府性基金收入总量为123342.27亿元。地方政府性基金预算支出123342.27亿元，增长39.8%。

Budgetary revenue of local government-managed funds is projected at 7.783464 trillion yuan, down 3.3%. Of this figure, proceeds from the sale of state-owned land-use rights account for 7.040689 trillion yuan, down 3%. Adding in 800.763 billion yuan in transfer payments from the budget of central government-managed funds and 3.75 trillion yuan of revenue generated from special local government debt, total revenue is expected to be 12.334227 trillion yuan. Budgetary expenditure of local government-managed funds is expected to total 12.334227 trillion yuan, up 39.8%.

汇总中央和地方预算，全国政府性基金预算收入81446.05亿元，下降3.6%。加上上年结转收入180.04亿元、抗疫特别国债收入10000亿元和地方政府专项债务收入37500亿元，全国政府性基金收入总量为129126.09亿元。全国政府性基金预算支出126123.59亿元，增长38%。调入一般公共预算3002.5亿元。

Budgetary revenue of government-managed funds nationwide, combining central and local government-managed funds, is projected at 8.144605 trillion yuan, a drop of 3.6%. Adding in 18.004 billion yuan carried forward from last year, 1 trillion yuan raised from the issue of covid-19 bonds, and 3.75 trillion yuan of revenue generated from special local government debt, total revenue of government-managed funds nationwide is calculated at 12.912609 trillion yuan. Budgetary expenditure of government-managed funds nationwide is projected at 12.612359 trillion yuan, up 38%. A projected 300.25 billion yuan will be transferred into general public budgets.

（六）2020年国有资本经营预算收入预计和支出安排。

6. Budgetary revenue and expenditure of state capital operations for 2020

中央国有资本经营预算收入1691.65亿元，增长3.4%。加上上年结转收入144.06亿元，收入总量为1835.71亿元。中央国有资本经营预算支出1258.21亿元，增长13.5%，其中，本级支出1197.6亿元，增长21.4%；对地方转移支付60.61亿元。调入一般公共预算577.5亿元，调入比例进一步提高到约35%，主要是为保障落实减税降费后的一般公共预算平衡，加大了资金统筹力度。

Budgetary revenue of central government state capital operations is projected at 169.165 billion yuan, an increase of 3.4%. Adding in 14.406 billion yuan carried over from last year, total revenue is calculated at 183.571 billion yuan. Budgetary expenditure of central government state capital operations is expected to total 125.821 billion yuan, up 13.5%. This figure consists of 119.76 billion yuan of central government spending, which is an increase of 21.4%, and 6.061 billion yuan in transfer payments to local governments. A total of 57.75 billion yuan will be transferred into the central general public budget, which will further increase the transferred portion of the central government state capital operations budget to around 35%. This is mainly to strengthen the unified management of funds, with the aim of ensuring a balanced central general public budget following tax and fee reductions.

地方国有资本经营预算本级收入1946.61亿元，下降16.3%。加上中央国有资本经营预算对地方转移支付收入60.61亿元、上年结转收入202.67亿元，收入总量为2209.89亿元。地方国有资本经营预算支出1417.32亿元，增长9%。调入一般公共预算792.57亿元。

Budgetary revenue of local government state capital operations is projected at 194.661 billion yuan, a drop of 16.3%. Adding in 6.061 billion yuan in transfer payments from the central government state capital operations budget and 20.267 billion yuan carried over from last year, total revenue is calculated at 220.989 billion yuan. Budgetary expenditure of local government state capital operations is estimated at 141.732 billion yuan, up 9%. A projected 79.257 billion yuan will be transferred into the local general public budget.

汇总中央和地方预算，全国国有资本经营预算收入3638.26亿元，下降8.1%。加上上年结转收入346.73亿元，收入总量为3984.99亿元。全国国有资本经营预算支出2614.92亿元，增长14.3%。调入一般公共预算1370.07亿元。

Revenue in the state capital operations budgets of both the central and local governments is projected at 363.826 billion yuan, a drop of 8.1%. Adding in 34.673 billion yuan carried over from last year, the total budgetary revenue of state capital operations nationwide is calculated at 398.499 billion yuan. Budgetary expenditure of state capital operations nationwide is estimated at 261.492 billion yuan, up 14.3%. A projected 137.007 billion yuan will be transferred into general public budgets.

（七）2020年社会保险基金预算收入预计和支出安排。

7. Budgetary revenue and expenditure of social security funds for 2020

中央社会保险基金收入1384.44亿元，增长101%，主要是中央机关事业单位集中补缴以前年度养老保险费，其中，保险费收入741.61亿元，财政补贴收入630.92亿元。加上地方上缴的基本养老保险中央调剂基金收入7379.55亿元，收入总量为8763.99亿元。中央社会保险基金支出1407.82亿元，增长112.3%。加上安排给地方的基本养老保险中央调剂基金支出7370.05亿元，支出总量为8777.87亿元。本年收支缺口13.88亿元，年末滚存结余344.87亿元。

Revenue of the central government social security fund is projected at 138.444 billion yuan – an increase of 101%, which mainly comprises lump sum payments of basic old-age insurance premiums for past years by central Party and government offices and public institutions. Revenue includes 74.161 billion yuan in insurance premiums and 63.092 billion yuan in government subsidies. Adding in 737.955 billion yuan of basic old-age insurance funds allocated for central regulation by local governments, total revenue is calculated at 876.399 billion yuan. Expenditure of the central government social security fund is estimated at 140.782 billion yuan, up 112.3%. Adding in 737.005 billion yuan to be reallocated through central regulation to replenish the basic old-age insurance funds of local governments, total expenditure is calculated at 877.787 billion yuan. With a projected deficit of 1.388 billion yuan, the year-end balance will be 34.487 billion yuan after the balance from 2019 has been rolled over.

地方社会保险基金收入75902.94亿元，下降5.3%，其中，保险费收入51676.28亿元，财政补贴收入20998.04亿元。加上基本养老保险中央调剂基金收入7370.05亿元，收入总量为83272.99亿元。地方社会保险基金支出80876.29亿元，增长8.8%。加上基本养老保险中央调剂基金支出7379.55亿元，支出总量为88255.84亿元。本年收支缺口4982.85亿元，年末滚存结余88685.37亿元。

Revenue of local government social security funds is projected at 7.590294 trillion yuan, down 5.3%, which includes 5.167628 trillion yuan in insurance premiums and 2.099804 trillion yuan in government subsidies. Adding in 737.005 billion yuan of basic old-age insurance funds reallocated to local governments through central regulation, total revenue comes to 8.327299 trillion yuan. Expenditure of local government social security funds is estimated at 8.087629 trillion yuan, up 8.8%. Adding in 737.955 billion yuan of basic old-age insurance funds allocated by local governments for central regulation, total expenditure comes to 8.825584 trillion yuan. With a projected deficit of 498.285 billion yuan, the year-end balance will be 8.868537 trillion yuan after the balance from 2019 has been rolled over.

汇总中央和地方预算，全国社会保险基金收入77287.38亿元，下降4.4%，其中，保险费收入52417.89亿元，财政补贴收入21628.96亿元。全国社会保险基金支出82284.11亿元，增长9.7%。本年收支缺口4996.73亿元，年末滚存结余89030.24亿元。需要说明的是，全国社会保险基金预算按已出台政策编制，暂未包括正在研究细化的延长阶段性免征中小微企业养老、失业和工伤保险单位缴费等政策。

Counting both central and local government budgets, revenue of social security funds nationwide is calculated at 7.728738 trillion yuan, down 4.4%. This includes 5.241789 trillion yuan in insurance premiums and 2.162896 trillion yuan in government subsidies. Expenditure of social security funds nationwide is expected to total 8.228411 trillion yuan, up 9.7%. With a projected deficit of 499.673 billion yuan, the year-end balance will be 8.903024 trillion yuan after the balance from 2019 has been rolled over.

It should be noted that the budget of social security funds nationwide is compiled according to the policies that have already come into effect. It does not include policies still under deliberation, such as detailed policies on extending temporary exemptions to contributions made by micro, small, and medium-sized enterprises to their employees’ old-age, unemployment, and workers’ compensation insurance schemes.

2020年，中央财政国债余额限额213008.35亿元；地方政府一般债务余额限额142889.22亿元、专项债务余额限额145185.08亿元。

In 2020, the ceiling for outstanding central government bonds is 21.300835 trillion yuan; the ceiling for outstanding local government general-purpose bonds is 14.288922 trillion yuan; and the ceiling for outstanding local government special-purpose bonds is 14.518508 trillion yuan.

需要说明的是，地方预算由地方各级人民政府编制，报本级人民代表大会批准，目前尚在汇总中，本报告中地方收入预计数和支出安排数均为中央财政初步汇总数。

It should be noted that as local budgets are formulated by local people’s governments and submitted for approval to the people’s congresses at their respective levels, the relevant data is still being compiled. All projected figures for local revenue and expenditure in this report have been compiled based on the preliminary calculations of the central finance authorities.

预算具体安排及相关说明详见《中华人民共和国2019年全国预算执行情况2020年全国预算（草案）》。

For a detailed account of the above budget arrangements, please refer to the Chinese language version of the Report on the Execution of the 2019 Budget of the People’s Republic of China and the 2020 Draft Budget.

根据预算法规定，预算年度开始后，在全国人民代表大会批准本预算草案前，可安排下列支出：上年度结转支出；参照上年同期的预算支出数额安排必须支付的本年度部门基本支出、项目支出，以及对下级政府的转移性支出；法律规定必须履行支付义务的支出，以及用于自然灾害等突发事件处理的支出。根据上述规定，2020年1－4月，全国一般公共预算支出73595.89亿元，同比减少2071.32亿元，下降2.7%。其中，中央一般公共预算本级支出10314.55亿元，同比增长0.1%，剔除国防、债务付息支出后同比下降9.3%；地方一般公共预算支出63281.34亿元，同比下降3.2%。地方财政支出下降，主要是受疫情影响，除疫情防控和“三保”支出外，部分项目支出进度比上年同期放缓。在全国人民代表大会批准预算后，将按照批准的预算执行。

In accordance with the Budget Law, after the beginning of a new budget year and prior to the approval of that year’s draft budgets by the National People’s Congress, arrangements may be made for the following expenditures: carryover expenditures from the previous fiscal year; the basic expenditures and project expenditures of government departments and transfer payments to lower-level governments that must be made in the current year, which are to be arranged with reference to the budgetary expenditure amount for the same period over the previous year; expenditures mandated by law, and expenditures for dealing with natural disasters and other emergencies.

In line with the above stipulations, from January to April of 2020, expenditures in the national general public budget totaled 7.359589 trillion yuan, a year-on-year decrease of 207.132 billion yuan or 2.7%. Of this figure, expenditures in the central general public budget totaled 1.031455 trillion yuan, a year-on-year increase of 0.1%, or a decrease of 9.3% when national defense spending and debt interest payments are deducted. Expenditures in the local general public budget amounted to 6.328134 trillion yuan, a year-on-year drop of 3.2%, which was mainly due to the covid-19 outbreak. Apart from spending on epidemic control and on ensuring people’s basic wellbeing, salary payments, and normal government functioning, expenditures on most other programs progressed more slowly compared to the same period of the previous year. We will implement the budgets approved by the NPC.

三、扎实做好2020年财政改革与预算管理工作

III. Fiscal Reform and Budgetary Management in 2020

（一）认真贯彻实施预算法。

1. Fully enforcing the Budget Law

全面落实预算法要求，进一步强化预算约束，规范政府收支行为。深化预算管理制度改革，运用零基预算理念，打破支出固化格局，提高预算编制的科学性和准确性。依法依规组织财政收入，严格执行经本级人大批准的预算，严控预算调剂追加。迅速下达预算资金。强化预算执行动态监控，完善财政扶贫资金、国库集中支付资金、试点单位实有资金等资金监控机制。切实加强预算执行和财政资金安全管理。大力盘活财政存量资金，按规定及时收回长期沉淀资金，用于其他亟需资金支持的领域。严格执行预决算公开规定，推动预决算公开规范化、常态化、制度化，提高财政透明度，主动接受各方面监督。

We will ensure full compliance with the Budget Law, make budgets more binding, and introduce greater standardization in government revenue and expenditure actions. We will deepen reform of the budget management system, apply the concept of zero-based budgeting, break the ingrained pattern of government spending, and make budget compilation more scientific and accurate. Fiscal revenue will be collected in strict accordance with laws and regulations, budgets approved by people’s congresses at all levels will be faithfully executed, and adjustments and additions to budgets will be stringently controlled. Budgetary funds will be promptly released.

We will strengthen dynamic monitoring of budget execution, and improve mechanisms for monitoring government funds such as fiscal poverty alleviation funds, centralized treasury payments and funds in extra-budgetary accounts of institutions in trial programs. We will also strengthen security management of budget execution and government funds. We will redouble efforts to make good use of fiscal funds on hand and promptly recall funds that have long stayed unused in accordance with regulations and put them to use in other fields in urgent need of funding support. To improve transparency in public finance, we will strictly enforce regulations on the public release of budgets and final accounts, and work to make publishing more procedure-based, regularized, and institutionalized. We will also readily accept budget oversight from all sides.

（二）切实兜牢“三保”底线。

2. Protecting the three priorities of people’s basic wellbeing, payment of salaries, and normal government functioning

为保障基层政府正常履职和各项政策有效实施，中央财政在大幅增加对地方财力支持的同时，加强对地方财政运行跟踪分析，强化统一调度和监管，指导督促地方做实事前审核、事中监控、事后处置的“三保”预算管理工作机制，强化库款调度，建立完善“中央到省、省到市县”的监控机制。省级财政要切实承担起主体责任，加大对县级“三保”的投入力度，对各县“三保”预算重新梳理审核，确保“三保”预算足额安排，密切跟踪基层“三保”支出执行情况，针对风险地区提早制定应对预案。县级财政要全面落实保障责任，坚持“三保”支出在财政支出中的优先顺序，坚持国家标准的“三保”支出在“三保”支出中的优先顺序，做好预算安排和库款调度，防止“三保”出现问题。

To see that primary-level governments can function normally and effectively implement all policies, the central government will continue to sizably increase fiscal support to lower levels of government, while at the same time stepping up monitoring and analysis of local fiscal operations and strengthening unified coordination and regulation. The central finance authorities will guide and press local authorities to effectively enforce budgetary management mechanisms for pre-review, ongoing monitoring, and post-operational handling of matters to ensure they have adequate funding for the three priorities of people’s basic wellbeing, payment of salaries, and normal functioning; strengthen allocation of treasury funds; and establish a monitoring mechanism for fund allocations from central to provincial and provincial to city and county level governments.

Finance authorities at the provincial level must genuinely assume principal responsibility. They should allocate more funds to county-level governments to see they are able to meet the three priorities; review county-level government budgets to ensure fiscal outlays for the three priorities are in place, closely follow execution at the primary level regarding these priority expenditures, and formulate contingency plans at an early date for relevant risks in areas within their jurisdiction.

County-level finance authorities should take comprehensive measures to fulfill their responsibilities. They should continue to give precedence to the three priorities when arranging fiscal outlays and precedence to state-set standards when arranging outlays for the three priorities as a whole, and do their work well in relation to budgetary arrangements and allocation of treasury funds. All these will help us forestall any problems in this respect.

（三）管好用好地方政府债券资金。

3. Managing and making good use of funds from local government bond issues

省级财政部门切实履行好地方政府债券的法定管理责任，强化管理、发挥作用、守住底线。积极发挥专项债券促进经济社会发展的作用，完善管理机制，聚焦重点领域，优化投向结构，适当提高专项债券作为符合条件重大项目资本金的比例，带动社会资本加大投入。加强部门沟通协调配合，加快债券发行使用，推动建设一批重大项目，及早形成实物工作量。严格专项债券项目合规性审核和风险把控，专项债券必须用于有一定收益的重大项目，融资规模要保持与项目收益相平衡。坚持地方政府债券依法只能用于公益性资本支出，不能用于经常性支出，严禁将债券资金用于发放工资、单位运行经费、发放养老金等。严格落实地方政府债券到期偿还责任，确保地方政府债券不出任何风险。

Provincial-level financial departments should diligently execute their legally prescribed duty of regulating local government bonds and strengthen regulation, put funds to good use, and ensure against the emergence of risks. They should fully exert the role of special-purpose bonds in promoting social and economic development, improve management mechanisms, optimize investment compositions with a focus on key areas, and appropriately raise the proportion of special-purpose bonds to be used as capital for eligible major projects to encourage more nongovernmental investment.

We will strengthen communication, coordination, and cooperation between different departments to accelerate the issue and use of bonds, and work for the launch of a group of major projects and the earliest possible start date for work on these projects. Compliance review and risk assessment of projects financed by special-purpose bonds will be stringent, to make certain special-purpose bonds are used solely for major projects with a certain level of returns and that the scale of financing is compatible with returns projections.

As prescribed by law, local government bonds should only be issued to fund public welfare capital expenditure, rather than regular expenditure. Accordingly, we will forbid the use of funds from bond issues for salary payments, government operating expenses, or pension benefits. We will work to see that local government bonds are redeemed on time by those responsible for repayments, and ensure no risks arise from local government bonds.

（四）加快财税体制改革。

4. Accelerating fiscal and tax system reform

围绕推进国家治理体系和治理能力现代化，继续深化财税体制改革。扎实推进中央与地方财政事权和支出责任划分改革，落实实施更大规模减税降费后调整中央与地方收入划分改革推进方案，推动建立权责清晰、财力协调、区域均衡的政府间财政关系。进一步优化转移支付项目设置，提高转移支付管理的规范性、科学性和有效性。完善标准科学、规范透明、约束有力的预算制度，健全预算支出标准体系，完善支出标准应用机制。全面开展政府财务报告编制工作。稳步推进健全地方税体系改革，理顺税费关系，让地方财政有更多稳定收入来源。落实税收法定原则要求，加快推动增值税、消费税、关税等税种的立法工作。不断完善与我国经济发展水平相适应的关税制度。深化国资国企改革，推动完善以管资本为主的国有资产监管体制。扎实推进国有金融资本集中统一管理，逐步做实金融国有资本经营预算。基本完成划转部分国有资本充实社保基金工作。

We will continue to deepen reform of the fiscal and tax systems with a view to modernizing China’s system and capacity for governance. We will take solid steps forward in the reform to define the respective fiscal powers and expenditure responsibilities of central and local governments, implement the plan for further reforming central-local revenue sharing following the implementation of larger-scale tax and fee cuts, and promote the establishment of a fiscal relationship between governments built on clearly defined powers and responsibilities, appropriate financial resource allocation, and greater balance between regions. We will improve how items for transfer payments are set, and make transfer payment management more procedure-based, sound, and effective.

We will continue to build a transparent budget system that uses well-conceived standards and imposes effective constraints, improve the system of standards for budgetary expenditure, and develop better mechanisms for applying these standards. Preparation of government financial statements will be conducted across the board.

We will steadily advance reforms to improve local tax systems, clarifying what are taxes and what are fees to ensure local governments have more steady sources of receipts. We will implement the principle of law-based taxation and accelerate legislative work on VAT, excise tax, tariff, and other taxes. We will continue building a tariff system that suits China’s economic development.

Reforms of state-owned enterprises and assets will be deepened, and efforts will be made to promote the creation of a stronger state-owned asset oversight and supervision system with the focus on capital management. We will take solid measures to advance centralized, unified management of state-owned financial capital, and work to ensure that over time all state financial capital operations are covered by government budgets. Work on transferring a portion of state capital into social security funds will be basically completed.

（五）全面实施预算绩效管理。

5. Implementing comprehensive performance-based budget management

加快构建全方位、全过程、全覆盖的预算绩效管理体系，提升预算管理水平和政策实施效果。健全权责对等、激励相容的预算绩效管理机制，完善绩效管理制度、绩效指标和标准体系，研究开展成本效益分析，为优化预算编制提供依据。探索部门整体支出绩效管理，对新出台重大政策、支出项目开展事前绩效评估，加强绩效目标审核，提升绩效目标的约束力，做好绩效运行监控。扎实开展重点绩效评价工作，推动绩效评价提质扩围，提高评价质量和可信度。强化结果应用，建立完善评价结果与预算调整、改进管理、完善政策挂钩机制，做到花钱必问效，无效要问责，低效多压减，有效多安排。大力推动绩效信息公开，积极引导和规范第三方机构参与绩效评价。

We will work faster to establish a performance-based budget management system that covers the whole budgetary process and all sectors, projects, and budget types, so as to improve the capacity for budget management and ensure our policies generate better results. We will improve mechanisms for performance-based budget management to ensure a correspondence between power and responsibility as well as compatible incentives, set up better performance management systems as well as a system of performance indicators and standards, and look into the roll-out of cost-benefit analysis to provide a reference for improving budget compilation.

We will explore performance-based management of departmental expenditure as a whole, conduct performance evaluation prior to the introduction of major policies and expenditure items, and strengthen reviews of performance targets and make them more binding. Oversight of ongoing performance will be strengthened.

We will carry out solid work in relation to key performance evaluations, work to improve the quality and expand the coverage of performance evaluations, and make such evaluations more science-based and reliable. We will put performance evaluation results to better use, and establish a sound mechanism for linking budgetary adjustments and improvements in management and policy to evaluation results. We will put into action the idea of linking spending to performance and performance to accountability, so that spending with poor results is cut, while spending with good returns is increased. We will vigorously promote the publishing of performance information, and actively guide and regulate third-party evaluations.

（六）自觉接受人大依法开展预算审查监督。

6. Readily accepting budget review and oversight by people’s congresses in accordance with law

深入贯彻落实《关于人大预算审查监督重点向支出预算和政策拓展的指导意见》和全国人大有关要求，自觉接受预算决算审查监督。认真听取吸纳人大代表和社会各界的意见建议，紧紧围绕贯彻落实党中央、国务院重大决策部署，改进预算报告和草案编报工作，提高支出预算和政策的科学性有效性。认真落实人大及其常委会有关预算决议和决算决议。积极配合推进预算联网监督。做好国有资产管理情况综合报告和相关专项报告工作。积极主动回应人大代表关切，做好解释说明工作，更好服务人大代表依法履职。

In full compliance with the Guidelines on People’s Congresses Expanding the Focus of Budget Review and Oversight to Expenditure Budgets and Policies and relevant requirements of the NPC, we will willingly accept people’s congress review and oversight of budgets and final accounts. We will earnestly listen to and take opinions and suggestions from people’s congress deputies and people from all sectors of society, and in light of the implementation of major decisions and plans of the Party Central Committee and the State Council, improve the compilation of reports on budget execution and draft budgets and make expenditure budgets and policies more sound and effective. The resolutions on budgets and final accounts of people’s congresses and their standing committees will be fully implemented. We will actively assist with advancing online budget oversight. We will do a good job of comprehensively reporting on the management of state-owned assets and related reporting on specific issues. We will take the initiative to respond to the concerns of NPC deputies, provide clear explanations on relevant issues, and strive to better serve the deputies as they perform their duties in accordance with law.

各位代表：

Esteemed Deputies,

当前和今后一个时期，我国发展面临的挑战前所未有，做好2020年财政预算工作任务艰巨繁重。我们要更加紧密地团结在以习近平同志为核心的党中央周围，坚持以习近平新时代中国特色社会主义思想为指导，自觉接受全国人大的监督，认真听取全国政协的意见和建议，只争朝夕、真抓实干，凝心聚力、攻坚克难，在新时代财政改革发展工作中取得新气象新作为，为实现“两个一百年”奋斗目标、实现中华民族伟大复兴的中国梦贡献力量。

For now and sometime to come, China will face unprecedented challenges in development. Accomplishing the fiscal and budgetary work of 2020 will be a demanding and onerous task. We must unite more closely around the CPC Central Committee with Comrade Xi Jinping at its core and continue to follow the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. We must proactively submit ourselves to the NPC’s oversight, earnestly seek comments and suggestions from the CPPCC National Committee, make the most of our time to do solid work and deliver real outcomes, and pool our will and strength to overcome difficulties and challenges. In this way, we will break new ground and score new victories in fiscal reform and development in the new era, and contribute our part to achieving the Two Centenary Goals and realizing the Chinese Dream of national rejuvenation.