China Knowledge reported that China fiscal expenditure is likely to reach CNY 10.02 trillion this year reflecting a YoY growth of 11.9% and the first time for the country fiscal expenditure to exceed CNY 10 trillion.

The ministry said that the country fiscal revenue may hit CNY 9.12 trillion this year, thus China will see a fiscal deficit of CNY 900 billion in 2011 which is less than the CNY 950 billion budgeted in 2009 and CNY 1.05 trillion in 2010.

The MOF said that the fiscal expenditure this year will mainly be used to ensure and improve people livelihood. The funds will mainly go to sectors such as education, medical care, housing projects for low-income families, social security and infrastructure construction in rural areas.

According to statistics released the MOF earlier in 2010, China fiscal revenue jumped 21.3%YoY to CNY 8.31 trillion and its fiscal expenditure rose 17.4%YoY to CNY 8.96 trillion.

(Sourced from China Knowledge)