BEIJING, Jan 25 (Reuters) - China’s fiscal spending rose 7.7 percent in 2017 to 20.33 trillion yuan ($3.22 trillion), while revenues rose 7.4 percent to 17.26 trillion, the Ministry of Finance said Thursday.
Those growth rates compare to 6.4 percent for spending and 4.5 percent for revenue in 2016.
The 2017 data indicates China had a preliminary fiscal deficit of 3.07 trillion yuan last year, compared with a preliminary deficit of 2.86 trillion yuan in 2016.
The 2017 difference between spending and revenue amounted to 3.5 percent of last year’s GDP, according to a Reuters calculation based on the finance ministry data. China was targeting a deficit equivalent to 3 percent of GDP in 2017.
The figures are subject to revisions and the final amount of the deficit may be lower than preliminary indications.
$1 = 6.3196 Chinese yuan Reporting by Beijing Monitoring Desk and Elias Glenn; Editing by Jacqueline Wong