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Li stressed that governments at all levels should streamline administration, improve their services, as well as raise administrative and resource-allocation efficiencies.
A 3-percent deficit-to-GDP ratio is within a safe margin and is still relatively low compared with that of many developed countries, which set the ratio well above 3 percent, said Huang Shouhong, deputy director of the State Council Research Office at a news conference.
Revenue in the central government's general public budget amounted to 6.923399 trillion yuan, which is 100% of the budgeted figure and an increase of 7%. Adding in the 100 billion yuan contributed by the Central Budget Stabilization Fund, total revenue came to 7.023399 trillion yuan. Expenditures in the central government's general public budget amounted to 8.073 trillion yuan, which is 99.1% of the budgeted figure and an increase of 8.6% (this includes 2.5549 trillion yuan in central government expenditures and 5.5181 trillion yuan in tax rebates and transfer payments from the central government to local governments). Adding in the 70.399 billion yuan used to replenish the Central Budget Stabilization Fund, central government expenditures totaled 8.143399 trillion yuan. The central government's total expenditures exceeded total revenue leaving a deficit of 1.12 trillion yuan, which is consistent with the budgeted figure. Central government debt had an outstanding balance of 10.659959 trillion yuan at the end of 2015, which meant it had been kept within the limit of 11.190835 trillion yuan budgeted for the year. The Central Budget Stabilization Fund had a balance of 115.637 billion yuan.
First, China's economic growth remains strong and its contribution to the world economy remains impressive.
Lungu expressed willingness to expand pragmatic cooperation with China on industrial capacity, mining and agriculture among others, adding that Zambia welcomes more Chinese investment in the country.
