China confirmed a small rise in defense spending and indicated that its budget deficit was more than double that previously announced.
Finance Minister Wang Bingqian told the National People's Congress, China's annual parliament, Wednesday that the shortfall between revenue and expenditure had risen slightly this year to $1.5 billion from $1.3 billion in 1981.
In releasing further details, the New China News Agency disclosed that Peking had raised $2.1 billion of its income this year in treasury bonds, bought mainly by Chinese industrial enterprises rich in cash. This meant the real deficit is $3.6 billion.
The agency quoted Wang as saying defense spending rose by 6 percent this year to $9 billion, as was announced earlier this year. He said defense spending would remain the same in 1983, despite an anticipated 11.3 percent rise in government revenues next year to $62 billion.
Wang criticized the general level of efficiency of China's state-run industries. He said there had "not been much change in the chaotic management in many enterprises."
"Financial control and supervision is inadequate," he said. "The growth of revenues has not been able to keep pace with the increase in industrial production."