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South Korea's fiscal deficit reached over 88 trillion won (US$61.8 billion) in the first eight months of the year, the finance ministry said Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on stricter terms, posted a deficit of 88.3 trillion won in the cited period, according to data from the Ministry of Economy and Finance. Total revenue grew 35 trillion won from the same period last year to 431.7 trillion won. In detail, tax revenue expanded 28.6 trillion won on-year to 260.8 trillion won. Total expenditures increased 38.4 trillion won on-year to 485.4 trillion won. The government earlier projected the shortfall to align with the original annual target of around 111.6 trillion won toward the end of the year.

China's fiscal revenue edged up 0.3 percent year on year to 14.82 trillion yuan (about 2.09 trillion US dollars) in the first eight months of this year, according to data released by the Ministry of Finance on Wednesday.The central government collected about 6.43 trillion yuan in fiscal revenue during the period, down 1.7 percent year on year, while local governments collected 8.39 trillion yuan, up 1.8 percent year on year, according to (Xinhua) news agency.In the first eight months, the country's tax revenue totaled 12.11 trillion yuan, edging up 0.02 percent year on year, while non-tax revenue increased 1.5 percent to 2.71 trillion yuan.China's fiscal expenditure expanded 3.1 percent year on year to 17.93 trillion yuan in the first eight months. The central government's fiscal expenditure rose 8 percent year on year, and there was a 2.3 percent increase in local government expenditure during the same period.Spending on education came in at approximately 2.71 trillion yuan, up 5.6 percent year on year. Science and technology expenditure reached 587.4 billion yuan, marking a 3.1 percent year-on-year increase.Spending on social security and employment stood at 3.07 trillion yuan, up 10 percent year on year.