China reports $175mn fiscal deficit

BEIJING: China's fiscal deficit came in at 1.06 trillion yuan ($175 million) last year, just 1.8 percent of the country's gross domestic product and lower than planned in the budget, official data showed Thursday.

The central government's fiscal revenue rose 10.1 percent to 12.91 trillion yuan, the Ministry of Finance said in a statement, with expenditure up 10.9 percent to 13.97 trillion yuan.

The fiscal deficit had been projected at 1.2 trillion yuan in the government's budget in March.

In 2012, the actual deficit was around 900 billion yuan, according to government figures.