China's top legislature approves bill to adjust 2016 central budget

BEIJING - China's top legislature on Monday approved the bill on the adjustment of the country's 2016 central budget to reflect changes brought by tax reform.

Revenue in the central government's general public budget was adjusted to 7.235 trillion yuan ($1.07 trillion), up 178 billion yuan from the amount projected earlier this year, according to a statement from the National People's Congress (NPC) Standing Committee.

Expenditures from the central government's general public budget have been adjusted to 8.7665 trillion yuan.

The adjustment was made to reflect changes brought by China's value-added tax reforms.

Starting in May, China expanded a pilot program to finally put all industries under a unified value-added tax regime as part of a wider push to deepen the country's economic reform.