Greater prudence in spending and a better budget balance are the goals set by newly appointed cabinet officials at a major economic conference on Sunday.

Despite rapid revenue growth, the budget deficit will, as planned, reach 1.2 trillion yuan ($193.2 billion) in 2013. This marks a 50 percent increase from the previous year.

Vice-Premier Zhang Gaoli, addressing the China Development Forum, said the key was to spend wisely and not just let the government expand its share of the national coffers.