The Chinese government targets a 7-percent increase in the central budget revenue in 2004,Minister of Finance Jin Renqing said Saturday at the annual session of the country's top legislature.

Total revenue in the central budget is 1.3819trillion yuan,an increase of 90.7billion yuan or 7percent over 2003,and expenditures in the central budget total 1.7017trillion yuan,a rise of 90.7billion yuan or 5.6percent,leaving a deficit of 319.8billion yuan,Jin said in a budget report to lawmakers.

Although the 2004budget deficit is the same as for 2003,it drops to 2.5percent of the gross domestic product (GDP),or 0.4percentage points less than the 2.9percent for 2003.

The central budget funds for bond-financed projects in 2004total 110billion yuan,30billion yuan less than last year.This total includes 95billion yuan listed in the central budget and 15billion yuan to be issued by the central government for local governments.

The value of treasury bonds to be issued in 2004totals 702.2billion yuan,the minister said when talking about the draft central and local budgets for this year.

Jin said total revenue in the draft central and local budgets is 2.357trillion yuan,187.9billion yuan or 8.7percent more than in 2003,and total expenditures amount to 2.6768trillion yuan,an increase of 216.1billion yuan or 8.8percent.

The deficit in the central budget for 2004remains the same as in 2003,said Jin.