China projects US$136 bln fiscal deficit in 2011
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China projects 900 billion yuan (136.4 billion U.S. dollars) in fiscal deficit, or 2 percent of GDP, in 2011, Premier Wen Jiabao said while delivering a government work report at the parliament's annual session Saturday.
The deficit is 150 billion yuan less than that of last year. Of the deficit, 700 billion yuan will be for the central government and 200 billion yuan for the local government through issuing bonds, Wen told nearly 3,000 deputies of the National People's Congress (NPC).
Efforts will be made to optimize the fiscal distribution structure, with more funds channeled to programs concerning agriculture, rural areas and farmers, underdeveloped regions, people's well-being, social undertakings, economic restructuring and science and technology innovation, Wen said.
The construction of government buildings should be strictly controlled. Spending on officials' overseas trips, government vehicle purchase and reception activities should not be increased in order to lower the administration cost, he said.
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