A rapid return to a sizeable budgetary deficit is well expected given the huge economic difficulties China faces as well as dire global growth prospects. However, a record budget deficit of 950 billion yuan (US$139 billion) planned for 2009 is surprising.

The biggest deficit in six decades has been reportedly submitted to the National People's Congress for review.

If that is the case, lawmakers should not only carefully study the impact that the deficit may impose on the country's long-term budgetary health but also prepare for aggressive supervision to thwart any possible misuse of funds.