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
China corruption watchdog launches inspections, eyes Sinopec
Tunisia presidential vote heads into close run-off
India's Congress signals it could back Modi's insurance reform plan
Hagel resigns as U.S. defence secretary
Iran nuclear talks extended seven months after failing to meet deadline
U.S., allies conduct 24 strikes on Islamic State in Iraq, Syria - Central Command
Seattle police body cameras plan revived by deal with anonymous programmer
Get ready for Steve Aoki in Malaysia
Egypt’s Sphinx open to visitors again
Copyright © 1995-2014 Star Publications (M) Bhd (Co No 10894-D)