Central budget in 2021: 53.6 billion yuan for pollution prevention and control

A few days ago, Xinhua news agency released a full-text report (Abstract) on the implementation of the central and local budgets in 2020 and the draft central and local budgets in 2021. Among them, 53.6 billion yuan has been allocated from the central budget to fight the crucial battle of pollution prevention and control. It is emphasized that:

We will go deep into the battle of pollution prevention and control. 27.5 billion yuan, an increase of 10%, will be allocated for air pollution prevention and control, focusing on supporting clean heating in winter in northern China and winning the battle to defend the blue sky. 21.7 billion yuan, an increase of 10.2%, was allocated for water pollution prevention and control, mainly for the Yangtze River and other key river basins. The special fund for soil pollution prevention and control was 4.4 billion yuan, an increase of 10%, to support the treatment and remediation of soil pollution.

Promote key ecological protection and restoration. The transfer payment for key ecological function areas was 88.2 billion yuan, an increase of 11%, guiding the key ecological function areas to protect the ecological environment and provide ecological products.

Support the work of carbon peaking and carbon neutralization. We will further support the development of renewable energy such as wind power and photovoltaic and the exploitation and utilization of unconventional natural gas, and increase the supply of renewable and clean energy.

The full text is as follows

Entrusted by the State Council, the Ministry of Finance submitted the report on the implementation of the central and local budgets in 2020 and the draft central and local budgets in 2021 to the fourth session of the 13th National People's Congress for examination on March 5. The summary is as follows

1、 Implementation of central and local budgets in 2020

    Novel coronavirus pneumonia has been difficult and challenging for fiscal operation over the past year. Affected by the outbreak and spread of the epidemic in the first quarter, the national fiscal revenue decreased by 14.3% year-on-year, which was the first negative growth since 2009, with a decrease of 21.4% in February and 26.1% in March. Among the 31 provinces, 30 had negative revenue growth, and the contradiction between revenue and expenditure was extremely prominent, especially the local fiscal operation. After arduous efforts, with the improvement of epidemic prevention and control situation and the gradual recovery of economy, the financial operation turned better quarter by quarter. In the second quarter, the revenue bottomed out and rebounded, and the decline narrowed to 7.4%. In the third quarter, it turned from negative to positive, with an increase of 4.7%. In the fourth quarter, it continued to turn better, with an increase of 5.5%. The annual budget target was basically achieved. The central and local budgets are well implemented.

（1） General public budget revenue and expenditure in 2020.

1. National general public budget.

    China's general public budget revenue was 18289.492 billion yuan, 101.5% of the budget, 3.9% lower than that in 2019. Among them, tax revenue was 15431006 million yuan, down 2.3%; non tax revenue was 2858486 million yuan, down 11.7%. In addition, 2613.332 billion yuan was transferred in and carried forward (including the funds transferred from the budget stability adjustment fund, government fund budget and state-owned capital operation budget by the central and local governments, as well as the carried forward funds used by the local governments). The total revenue was 20902.824 billion yuan. China's general public budget expenditure reached 24558803 million yuan, accounting for 99.1% of the total budget, an increase of 2.8%. In addition, 104.021 billion yuan was added to the central budget stabilization and regulation fund, resulting in a total expenditure of 24662.824 billion yuan. The total revenue and expenditure balance each other, with a deficit of 3760 billion yuan, which is in line with the budget.

2. The central general public budget.

    The central general public budget revenue was 8277.108 billion yuan, 100% of the budget, down 7.3%. In addition, 530 billion yuan was transferred from the central budget stabilization and regulation fund, 358 billion yuan was transferred from the central government fund budget and the central state-owned capital operation budget, and the total revenue was 9165.108 billion yuan. The general public budget expenditure of the central government was 11841087 billion yuan, accounting for 99.1% of the total budget, an increase of 8.2%. In addition, 104.021 billion yuan was added to the central budget stabilization and regulation fund, resulting in a total expenditure of 11945.108 billion yuan. The total amount of revenue and expenditure is equal, and the central government deficit is 2780 billion yuan, which is in line with the budget.

    In 2020, 104.021 billion yuan of excess revenue and expenditure from the central general public budget will be transferred to the central budget stabilization and regulation fund. The budget of the central reserve fund is 50 billion yuan, and the actual expenditure is 14.641 billion yuan, which is mainly used for post flood recovery and reconstruction. The remaining 35.359 billion yuan (which has been included in the above balance of 104.021 billion yuan) has been transferred to the central budget stability adjustment fund. By the end of 2020, the balance of the central budget stabilization fund will be 113.131 billion yuan.

3. Local general public budget.

    The general local public budget revenue was 18343914 billion yuan, of which, the income at the corresponding level was 100123.384 billion yuan, down 0.9%; the central government transferred to local government revenue of 83.53 billion yuan. In addition, the transfer of funds from the local budget stable adjustment fund, government fund budget, state-owned capital operation budget and the use of carry forward balance is 1725332 billion yuan, with the total income of 20069.246 billion yuan. The expenditure of local general public budget was 21049.246 billion yuan, an increase of 3.3%. The total income and expenditure is equal to that of the local government, with a deficit of 980 billion yuan, which is the same as the budget.

（2） The budget revenue and expenditure of government funds in 2020.

The budget revenue of the national government funds was 9348.874 billion yuan, 114.8% of the budget, an increase of 10.6%, mainly due to the increase in the revenue from the transfer of the right to the use of local state-owned land. The budget expenditure of the national government funds was 11799.894 billion yuan, accounting for 93.6% of the budget, an increase of 28.8%, mainly due to the increased expenditure on special bond arrangements of local governments.

The budget revenue of central government funds was 356.158 billion yuan, 98.6% of the budget, a decrease of 11.8%. This was mainly due to the fact that some funds were affected by the epidemic and the introduction of a phased exemption policy. The budget expenditure of the central government funds was 1043.987 billion yuan, accounting for 96.8% of the budget.

The budget revenue of local government funds at the same level was 8992.716 billion yuan, an increase of 11.7%, including 8414.229 billion yuan from the transfer of state-owned land use rights, an increase of 15.9%.

（3） State owned capital operation budget revenue and expenditure in 2020.

The national budget revenue of state-owned capital operation is 477.782 billion yuan, which is 131.3% of the budget, an increase of 20.3%. The main reason is to increase the efforts to turn in the profits of state-owned enterprises.

The central state-owned capital operation budget revenue was 178.561 billion yuan, 105.6% of the budget, an increase of 9.1%. The central government's budget expenditure on state-owned capital operation was 93.906 billion yuan, 74.6% of the budget, down 15.3%.

The local state-owned capital operation budget revenue at the same level was 299.221 billion yuan, an increase of 28.1%. The budget expenditure of local state-owned capital operation was 167.037 billion yuan, an increase of 27.6%.

（4） The budget revenue and expenditure of social insurance fund in 2020.

The national social insurance fund budget revenue was 7211.565 billion yuan, 93.3% of the budget, a decrease of 13.3%, mainly due to the introduction of phased reduction of social insurance premium policy, resulting in more revenue reduction, including 4697.369 billion yuan of insurance premium revenue and 2094.694 billion yuan of financial subsidy revenue. In addition, 50 billion yuan of special funds was transferred from the national social security fund to make up for the basic endowment insurance fund gap for employees of some local enterprises, and the total income was 7261.565 billion yuan. The budget expenditure of the national social insurance fund was 7883.482 billion yuan, accounting for 95.8% of the budget, an increase of 5.5%. The gap between revenue and expenditure was 621.917 billion yuan, and the accumulated balance at the end of the year was 9032.614 billion yuan.

（5） Implementation of major fiscal and taxation policies and key fiscal work in 2020.

Full support for novel coronavirus pneumonia. Priority should be given to funding for epidemic prevention and control. Strengthen financial and tax support policies to deal with the epidemic situation.

We will introduce a large-scale rescue policy. Hedge the impact of the epidemic with greater policy efforts. We will increase efforts to reduce taxes and fees, and support the relief of business difficulties. Increase the transfer payment to ease the difficulties of grass-roots financial operation.

We will promote decisive achievements in the three major battles. We support winning the fight against poverty as scheduled. We will promote the obvious improvement of the ecological environment. We have achieved positive results in preventing and defusing major risks.

We will vigorously support scientific and technological innovation.

Efforts should be made to support the transformation and upgrading of the real economy. Promote the high quality development of manufacturing industry. We will vigorously support the development of small and medium-sized enterprises. We will strengthen food and energy security.

We will continue to ensure and improve people's livelihood. Efforts should be made to ensure the employment of residents. We will promote fair development and improve the quality of education. Improve the level of social security. We should do a good job in covering the people's livelihood.

Innovate and implement the direct mechanism of new financial funds. Improve the management system. Release funds quickly. Strict capital supervision.

Insist on the government's tight living.

Continue to improve the level of financial management. Steady progress was made in the reform of the fiscal and taxation system. Budget performance management continued to deepen. State owned assets and financial management have been continuously strengthened. We will further tighten financial discipline. Accept the budget supervision of the people's Congress in accordance with the law.

2020 is the closing year of the 13th five year plan. In the past five years, China's economic and social development has made new historic achievements, the main objectives and tasks of the 13th five year plan have been successfully completed, and new progress has been made in the work of financial reform and development. First, the financial strength has been further enhanced to provide a solid material foundation for the sustainable and healthy development of economy and society. Second, maintain a high intensity of fiscal expenditure to effectively protect the development needs of the party and the state. Third, adhere to the implementation of positive fiscal policy to promote economic operation in a reasonable range. Fourth, unprecedented efforts have been made to reduce taxes and fees, effectively promoting the development of market players and the real economy. Fifthly, investment in people's livelihood will only increase but not decrease, and the achievements of reform and development will be more equitable and benefit all the people. Sixth, the supply side structural reform and the major national strategic tasks are strongly supported to continuously improve the quality and efficiency of economic development. Seventh, the reform of the fiscal and taxation system has been advanced in depth, and the framework of the modern fiscal system has been basically established.

2、 Draft central and local budgets for 2021

（1） Analysis of the fiscal revenue and expenditure situation in 2021.

From the perspective of fiscal revenue, GDP growth and fiscal revenue base will decrease in 2020. It is expected that in 2021, with the gradual return of the economy to normal and price index rebound, the fiscal revenue will recover. However, due to the increase in revenue by increasing the new fiscal deficit and using the surplus funds carried forward over the past year, the issuance of special national debt against epidemic is no longer issued, and the actual available financial resources increase slightly. From the perspective of financial expenditure, the demand for funds in various fields is increased, and the implementation of the "14th five year plan" and the construction of new development pattern, as well as the key and rigid expenditures such as rural revitalization, pollution prevention, education, science and technology, emergency relief, grass-roots "three guarantees", national defense armed police, debt interest payment and other key and rigid expenditures need to be strengthened, and the financial expenditure growth is rigid. Overall, the situation of fiscal revenue and expenditure in 2021 is very severe, the difficulty of budget balance is further increased, and the risk in key areas such as debt can not be ignored. We must strengthen the overall planning of financial resources, optimize the expenditure structure, improve the mechanism of fund distribution and use, and effectively enhance the financial sustainability.

（2） The overall requirements of budget preparation and financial work in 2021.

The general work guideline for budgeting and financial work in 2021 is to take the leadership of Comrade Xi Jinping as the core and take the socialist ideology of socialism with Chinese characteristics as the guide, and implement the spirit of China's nineteen and nineteen second, third, fourth, fifth plenary session and central economic work conference of the party, and adhere to the general keynote of "keeping the initiative in the future" and basing on the new development. "Xi Jinping" At the stage, we should implement the new development concept, build a new development pattern, take the theme of promoting high-quality development as the theme, deepen the supply side structural reform as the main line, take reform and innovation as the basic motive force, and meet the people's growing needs of a better life as the basic purpose, adhere to the system concept, consolidate and expand the achievements of epidemic prevention and control and economic and social development, better overall development and security, and solid We should do a good job of "six stability" and comprehensively implement the task of "six guarantees". Active fiscal policies should improve quality, efficiency and sustainability, strive to keep the economic operation within a reasonable range; strengthen the efforts to optimize the expenditure structure, adhere to hard work, thrifty and careful calculation, fully implement the government's requirements for living a tight life, strengthen financial support for major strategic tasks of the state, and put valuable financial funds into full play It is used on the blade; the overall planning of financial resources should be strengthened; the standardization of fiscal expenditure should be promoted; budget constraints and performance management should be strengthened; the efficiency of financial expenditure should be improved; the reform requirements for the division of the powers and responsibilities of central and local finance affairs and expenditure should be implemented; the reform of budget management system should be deepened; the reform of tax system should be steadily pushed forward; the establishment of modern fiscal and tax system should be accelerated; the debt management of local government should be strengthened and the implementation should be emphasized We will understand the hidden debt risk of local governments, promote the sustainable development of finance, ensure that the "14th five year plan" will open a good situation, and celebrate the 100th anniversary of the founding of the Communist Party of China with excellent achievements. According to the above general requirements, we should focus on the following six principles

——Maintain moderate expenditure intensity and enhance financial sustainability.

——We will continue to promote tax cuts and fees reduction, and stimulate the vitality of market entities.

——Establish a normal direct mechanism to improve the efficiency of financial funds.

——We will help to improve the level of industrial development and accelerate the development of modern industrial system.

——We should reasonably determine the standard of people's livelihood expenditure and strive to ensure and improve people's livelihood.

——We will continue to keep the government tight and further optimize the structure of fiscal expenditure.

（3） Fiscal policy 2021.

In 2021, the active fiscal policy should improve quality, increase efficiency and be more sustainable. The key points include: first, maintain moderate expenditure intensity. Second, optimize and implement the tax and fee reduction policy. Third, increase the scale of central transfer payment to local governments. Fourth, we should reasonably determine the deficit ratio. Fifth, we should appropriately reduce the scale of new local government special bonds. Sixth, we will no longer issue anti epidemic special treasury bonds. Seventh, implement the government's demand for tight living. Eight is to give more prominence to performance orientation. The main expenditure policies in 2021 are as follows:

1. Promote innovative development and industrial upgrading.

We will support the acceleration of scientific and technological self-reliance. We increased investment in basic research, with the central government spending on basic research increasing by 10.6%, focusing on the National Natural Science Foundation, and supporting scientific research institutes, scientific and technological innovation bases, and scientific research talents in the field of basic research.

Promote the optimization and upgrading of industrial chain supply chain. We need to co-ordinate relevant funds, support the high-quality development of the manufacturing industry, deeply implement the industrial foundation reengineering project, and accelerate the construction of an independent, controllable, safe and stable industrial chain supply chain.

To stimulate the innovative vitality of enterprises and talents. We will continue to implement the policy of 75% deduction for enterprise R & D expenses, further increase the proportion of deduction for manufacturing enterprises to 100%, and encourage enterprises to increase R & D investment with preferential tax mechanism.

2. Support the implementation of the strategy of expanding domestic demand.

We will stabilize and expand household consumption. We will intensify the adjustment of Taxation, social security and transfer payments, strive to optimize the structure of income distribution, increase the income of low-income groups, expand middle-income groups, and gradually improve the distribution relationship between urban and rural areas, regions, and different groups.

Actively expand investment space. Make good use of local government special bonds. Within the central budget, 610 billion yuan will be invested, with an increase of 10 billion yuan. We will continue to support major projects to promote regional coordinated development and promote major projects such as "two new and one heavy".

While expanding domestic demand, we should actively take measures to promote the stability of import and export. Foreign trade and economic development funds were allocated 11.7 billion yuan, an increase of 10.2%, to promote trade innovation and development. We will support the steady development of Hainan's free trade port.

3. Support the promotion of regional coordinated development and new urbanization.

We will improve the level of equalization of basic public services. We will continue to increase the scale of the central government's general transfer payments to local governments, and focus on increasing support to less developed regions.

We will support and promote coordinated regional development. We will support the coordinated development of Beijing, Tianjin and Hebei, the construction of Guangdong, Hong Kong and Macao, and the integrated development of the Yangtze River Delta. We will accelerate the introduction of financial support policies for the development of the Yangtze River economic belt, the ecological protection of the Yellow River Basin, and high-quality development, and study and formulate a financial policy system to support the economic and social development of Tibet and Xinjiang during the 14th Five Year Plan period.

We will support the promotion of new urbanization with people as the core. The central government will allocate 35 billion yuan of incentive funds for the citizenization of the agricultural transfer population, improve the cost sharing mechanism, and ensure the basic public service needs of the agricultural transfer population.

4. Support the full implementation of Rural Revitalization Strategy.

Ensure national food security. We will implement the strategy of storing grain in the land and technology, support the protection of cultivated land and the improvement of soil fertility, vigorously promote the construction of high standard farmland and farmland water conservancy facilities, and thoroughly implement the action plan for conservation tillage of black land in Northeast China.

We will support the improvement of agricultural quality and efficiency. We will increase subsidies for the purchase of advanced, high-end and intelligent agricultural machinery. We should actively support the cultivation of family farms and farmers' cooperatives, promote moderate scale operation, improve the agricultural socialized service system, and strive to build a modern agricultural management system.

Efforts should be made to consolidate and expand the achievements of poverty alleviation and effectively link them with rural revitalization. To maintain the overall stability of financial support policies and funds, the central government will link up and promote the subsidy fund for Rural Revitalization (the original special poverty alleviation fund of the central government) by 156.1 billion yuan, with an increase of 10 billion yuan. The focus will be on the areas where the task of consolidating and expanding the achievements of poverty alleviation is heavy and the foundation of Rural Revitalization is poor.

5. Support the strengthening of pollution control and ecological construction.

We will go deep into the battle of pollution prevention and control. 27.5 billion yuan, an increase of 10%, will be allocated for air pollution prevention and control, focusing on supporting clean heating in winter in northern China and winning the battle to defend the blue sky. 21.7 billion yuan, an increase of 10.2%, was allocated for water pollution prevention and control, mainly for the Yangtze River and other key river basins. The special fund for soil pollution prevention and control was 4.4 billion yuan, an increase of 10%, to support the treatment and remediation of soil pollution.

Promote key ecological protection and restoration. The transfer payment for key ecological function areas was 88.2 billion yuan, an increase of 11%, guiding the key ecological function areas to protect the ecological environment and provide ecological products.

Support the work of carbon peaking and carbon neutralization. We will further support the development of renewable energy such as wind power and photovoltaic and the exploitation and utilization of unconventional natural gas, and increase the supply of renewable and clean energy.

6. strengthen the basic livelihood guarantee.

Implement employment priority policies. The central government has a total of 55.9 billion yuan in employment subsidy fund, an increase of 2 billion yuan, and supports local implementation of various employment and entrepreneurship support policies.

Promote the high quality development of education. The subsidy for urban and rural compulsory education is 177billion yuan, an increase of 4.3%, and the guarantee mechanism of compulsory education funds focusing on rural integration and urban-rural integration is consolidated and improved.

We will steadily improve the level of social security. Continue to improve the basic pension for retirees. Further improve the central adjustment ratio of basic endowment insurance fund for employees to 4.5%. The subsidy fund for assistance for the needy is 1473 billion yuan.

Strengthen public health investment. The per capita financial subsidy standard of resident medical insurance increased by 30 yuan, reaching 580 yuan per person per year, and raising the individual payment standard by 40 yuan simultaneously, reaching 320 yuan per person per year. Individual payment can be deducted before tax according to the provisions. The per capita financial subsidy standard of basic public health service funds increased by 5 yuan, reaching 79 yuan per year.

Support the development of cultural undertakings and cultural industries. We will continue to promote the construction of urban and rural public cultural service system in one, and improve the coverage and effectiveness of cultural benefit project.

We will strengthen the prevention and treatment of natural disasters and rescue. The subsidy arrangement of agricultural insurance premium is 28.4 billion yuan, an increase of 10.2%. The subsidy fund for the construction of natural disaster prevention and control system is 9.3 billion yuan. The central government has arranged 13 billion yuan for natural disaster relief.

7. support national defense, diplomacy and political and legal work.

We will strengthen financial support, vigorously support the modernization of national defense and the army, and promote the simultaneous improvement of national defense strength and economic strength. Support and promote diplomacy of major powers with Chinese characteristics. We will support the overall improvement of public security security capabilities and promote the construction of a higher level of safe China.

（4） The revenue forecast and expenditure arrangement of the general public budget in 2021.

1. Central general public budget.

The central government's general public budget revenue was 8945 billion yuan, an increase of 8.1% over the number implemented in 2020. In addition, 95 billion yuan was transferred from the central budget stability adjustment fund, 98.5 billion yuan was transferred from the central government fund budget and the central state-owned capital operation budget, and the total revenue was 9138.5 billion yuan. The general public budget expenditure of the central government was 11888.5 billion yuan, an increase of 0.4%. The total revenue and expenditure are balanced, and the central government's fiscal deficit is 2750 billion yuan, 30 billion yuan less than that in 2020.

(1) The central government's expenditure at the same level was 350.15 billion yuan, down 0.2%. For the second year in a row, the central government took the lead in reducing expenditure at the same level to increase financial support to local governments.

(2) The transfer payment to local governments was 8337 billion yuan, a slight increase over 2020. After excluding the special transfer payment, the actual increase was 7.8%.

(3) The central reserve fund is 50 billion yuan, the same as the 2020 budget.

2. Local general public budget.

Local general public budget revenue at the same level was 10820 billion yuan, an increase of 8.1%. In addition, the central government's transfer payment income to local governments is 8337 billion yuan, and the balance of funds transferred in and carried forward by local governments is 1483.5 billion yuan. The total income is 20640.5 billion yuan. Local general public budget expenditure reached 21460.5 billion yuan, an increase of 1.9%. The local fiscal deficit was 820 billion yuan, which was made up by issuing local government general bonds, a decrease of 160 billion yuan compared with 2020.

3. National general public budget.

Summing up the central and local budgets, China's general public budget revenue reached 19765 billion yuan, an increase of 8.1%. With the balance of transferred funds and carried forward funds of 1677 billion yuan, the total income was 21442 billion yuan. China's general public budget expenditure reached 25012 billion yuan, an increase of 1.8%. The deficit was 3570 billion yuan, 190 billion yuan less than that in 2020.

（5） Budget revenue and expenditure arrangements for the government fund in 2021.

The budget revenue of the central government fund was 38.2085 billion yuan, an increase of 7.3%. In addition, the carry forward income of the previous year was 24.412 billion yuan, and the total income was 40.697 billion yuan. The budget expenditure of the central government fund is 405997 billion yuan, of which, the expenditure at the corresponding level is 33.2586 billion yuan, and the local transfer payment is 73.411 billion yuan. Transfer in the general public budget of 100million yuan.

The local government funds budget revenue at the same level is 9070.577 billion yuan, an increase of 0.9%, of which, the income from the transfer of the right to use the state-owned land is 84.43 billion yuan, which is basically the same as that of the previous year. In addition, the central government fund budget has a revenue of 73.411 billion yuan from local transfer payment and 3650billion yuan from special debts of local governments. The total income of local government funds is 12793.988 billion yuan. The budget expenditure of local government funds was 12793.988 billion yuan, an increase of 11%.

The budget revenue of the national government fund was 94.52.662 billion yuan, up 1.1 percent, by summarizing the central and local budgets. In addition, the carry forward income of the previous year was 24.412 billion yuan and the income from special debts of local governments was 3650billion yuan, and the total income of national government funds was 13126.674 billion yuan. The budget expenditure of national government funds was 13126.574 billion yuan, an increase of 11.2%. Transfer in the general public budget of 100million yuan.

（6） The state-owned capital operation budget revenue forecast and expenditure arrangement in 2021.

The central government's budget revenue from state-owned capital operations was 175.191 billion yuan, down 1.9%. The total income was 216.505 billion yuan, which was added to the 41.314 billion yuan carried forward in the previous year. The central government's budget expenditure on state-owned capital operation was 118.105 billion yuan, an increase of 25.8%.

The local state-owned capital operation budget revenue at the same level reached 212.514 billion yuan, a decrease of 29%. The main reason is that the profits of local state-owned enterprises will drop more in 2020 due to the epidemic situation and other factors. In addition, the central government's state-owned capital operation budget transfers 10.152 billion yuan to local governments, and the last year's carry over income is 31.95 billion yuan. The total income is 254.616 billion yuan. The budget expenditure of local state-owned capital operation was 156.832 billion yuan, down 6.1%.

Summing up the central and local budgets, the national state-owned capital operating budget revenue was 387.705 billion yuan, down 18.9%. The total income was 460.969 billion yuan when the carry over income of the previous year was 73.264 billion yuan. The national budget expenditure on state-owned capital operation was 264.785 billion yuan, an increase of 4.1%.

（7） In 2021, the social insurance fund budget income forecast and expenditure arrangement.

Summing up the central and local budgets, the national social insurance fund budget revenue was 8918.075 billion yuan, an increase of 23.7%, of which the insurance premium revenue was 6319.135 billion yuan and the financial subsidy revenue was 2274.175 billion yuan. The estimated expenditure of the national social insurance fund was 8641.268 billion yuan, an increase of 9.6%. The balance of revenue and expenditure in this year is 276.807 billion yuan, and the accumulated balance at the end of the year is 9309.421 billion yuan.

3、 Do a solid job in financial reform and development in 2021

（1） Comprehensively implement the budget law and its implementation regulations.

（2） We will further implement detailed tax and fee reduction policies.

（3） We should normalize the implementation of the direct mechanism of financial funds.

（4） We will further enhance the sustainability of people's livelihood policies.

（5） We should strengthen the "Three Guarantees" at the grassroots level.

（6） Efforts should be made to resolve the hidden debt risk of local governments.

（7） We will accelerate the establishment of a modern fiscal and taxation system.