China's Fiscal Deficit Exceeds 700 Billion Yuan in 2009

China's local and central governments recorded a total budget deficit of 739.7 billion yuan in 2009, according to statistics released by the Ministry of Finance on February 5.
The data reveals that governments at both the central and local levels received 6.8477 trillion yuan in 2009, up 714.7 billion, or 11.7%, on the previous year. 

Meanwhile, government spending amounted to 7.5874 trillion yuan in 2009, up 21.2% on 2008.

Central government revenue totalled 3.5896 trillion yuan, up 9.8% on the previous year. However central government spending in 2009, helped along by large outlays in December, amounted to 4.3901 trillion yuan, resulting in a budget deficit of 810.5 billion yuan.

Local governments expenditure amounted to 6.0594 trillion yuan last year. Though revenue only amounted to 3.2581 trillion, the Ministry of Finance explained that the local government expenditure was able to exceed revenue due to large transfers from central government coffers, thought it did not provide specific data.

Tax revenue totaled 5.9515 trillion yuan in 2009, while non-tax income amounted to 896.2 billion. Among tax items, business tax increased by 18.2%, while import and export duties fell 16.2% compared to 2008.

Links and Sources
Ministry of Finance: Report (Chinese)