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China reports $16.21B in fiscal deficit in 2008

(Xinhua)
Updated: 2009-02-02 11:01

China reported a fiscal deficit of 111 billion yuan (US$16.21 billion) in 2008.

The country's fiscal revenue reached 6.13 trillion yuan for the whole of 2008, up 19.5 percent from the previous year, the Ministry of Finance (MOF) said Monday in a statement posted on its website.

Meanwhile, fiscal spending last year increased 25.4 percent year on year to 6.24 trillion yuan.

Related readings: Fiscal revenue in '08 expected to exceed $857B Growth of fiscal income to slow down Administrative spending tightened Fiscal incomes feel slowdown pinch

The actual spending was 22.6 percent higher than planned in the budget fixed at the beginning of 2008, and the ministry attributed the increase mainly to extra-budgetary quake relief funds.

The MOF statement noted these are preliminary statistics and may be adjusted later.