efe-epaBeijing

The National People's Congress in Beijing Tuesday approved China's budget for 2018, with expenditure worth $3.31 trillion, a year-on-year increase of 7.6 percent.

With projected revenues of $2.8 trillion, representing a growth of 6.1 percent as compared to 2017, the budget will have a deficit of $375 billion, the same figure as in the previous year.

Like previous years, one of the biggest expenditures, 5.24 percent of the total, corresponds to defense, at $173 billion, an increase of 8.1 percent year-on-year, according to figures presented to the NPC by the Finance Ministry on March 5.

Other significant expenses include those dedicated to the payment of debt ($67.7 billion), a 13.4 percent year-on-year increase, and science and technology ($49.2 billion), representing an increase of 10.1 percent.

Spending on public security will rise 5.5 percent to $31.4 billion, and the education budget will increase 6.5 percent to stand at $27 billion.

Social security and employment expenses total $18.6 billion, and health and family planning expenses amount to $3.3 billion.

The budget was approved by the NPC delegates in the closing session of its annual plenary meeting, which lasted 15 days and in which the state budget was one of the main focuses, along with government restructuring, constitutional reform and changes in leaders.