Home > News > World
Wednesday March 5, 2014 MYT 8:41:25 AM
Wednesday March 5, 2014 MYT 8:42:27 AM
BEIJING (Reuters) - China budgeted spending of 15.3 trillion yuan ($2.5 trillion) in 2014 and a deficit of about 2.1 percent of gross domestic produce (GDP), the Ministry of Finance said on Wednesday in its work plan unveiled at the annual parliament meeting.
The ministry said it was raising the quota for bonds issued by local governments to 400 billion yuan in 2014, compared with 350 billion yuan in 2013.
The budgeted deficit for 2013 is unchanged from its fiscal deficit of 2.1 percent of GDP recorded in 2013, which was slightly above the budgeted 2 percent of GDP.
The budget does not give the full picture of China's government spending, however, as it excludes off-budget expenditure by local governments. If that is included, JPMorgan forecasts China's budget deficit to be worth about 6.5 percent of GDP this year. ($1 = 6.1430 Chinese yuan)
(Reporting by Koh Gui Qing; Editing by Robert Birsel)
India finance secretary defends 4.1 percent fiscal deficit target
Italy 2012 deficit above target at 3 percent of GDP, debt hits record high
Instant View - China aims for 7.5 percent economic growth in 2014
France will meet its deficit target in 2014 - finance minister
Israel's 2014 budget can absorb cost of Gaza conflict -finance minister
Spain's health minister resigns in kickback scandal
India-Pakistan friction threatens South Asia trade at Himalayan summit
Argentine presidential aspirant Massa says would cut back state controls
Hong Kong riot police clear protest site, arrest student leaders
More than 400 arrested as Ferguson protests spread to other U.S. cities
Stigma and isolation haunt South Korean families of convicted ferry crew
Showcase of Asean talents
Misfiring Liverpool stumble as Ludogorets earn draw
Copyright © 1995-2014 Star Publications (M) Bhd (Co No 10894-D)