The government budget for 2003 was unveiled in a report by the Minister of Finance Xiang Huaicheng to the National People's Congress, Xinhua reported. Central government expenditure is expected to total Yn1,194bn, 5.1 per cent more than in 2002, and expenditure is budgeted at Yn15,38bn, 4.7 per cent higher. The predicted deficit of Yn319.8bn is Yn10bn more than in 2002 and will bring the total outstanding debts of the central government up to Yn640.4bn.
Xiang was replaced as finance minister in March by Jin Renqing, who has been head of the tax bureau for the past five years.
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