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China reports US$175b fiscal deficit

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

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

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

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