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China's State Budget

The state budget for 2004 was US$330.6 billion in revenue and US$356.8 billion in expenditures.

In the revenue column, 95.5 percent was from taxes and tariffs, 54.9 percent of which was collected by the central government and 45 percent by local authorities.

The expenditures were for culture, education, science, and health care (18 percent); capital construction (12 percent); administration (14 percent); national defense (7.7 percent); agriculture, forestry, and water conservancy (5.9 percent); subsidies to compensate for price increases (2.7 percent); pensions and social welfare (1.9 percent); promotion of innovation, science, and technology (4.3 percent); operating expenses of industry, transport, and commerce (1.2 percent); geological prospecting (0.4 percent), and other (31.9 percent).

The overall budget deficit in 2004 was approximately US$26 billion, an amount equivalent to about 1.5 percent of gross domestic product (GDP).

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