(Yicai) May 8 -- China's central government has issued CNY8.68 trillion (USD1.2 trillion) or 85 percent of this year's transfer payments to local governments as of April 10.

The headline sum includes CNY158.2 billion (USD21.9 billion) for education, the finance ministry announced yesterday. The funds will reach local administrations gradually as once provinces receive the money, it usually takes up to 30 days for cities and counties to get their share.

This year's total budget should be about CNY10.2 trillion (USD1.41 trillion), according to a plan disclosed in late March.

As economic growth slows and regions receive less in tax income and transfers of land use rights, many regions have become more reliant on handouts from above. This is why the central government's transfer payments will top CNY10 trillion again this year to ensure basic public services and balance regional development, especially in central and western parts of the country.

The ministry also announced yesterday that it will give about CNY14.9 billion (USD2.1 billion) in subsidies to help regions build a system for cultural services. Central and western provinces, such as Sichuan, Yunnan, Gansu, and Hebei, are among the biggest winners in this regard.

Sichuan received the biggest share of transfer payments so far this year, followed by Henan, Hunan, Hubei, Hebei, and Heilongjiang.

Editors: Liao Shumin, Emmi Laine