China 2014 fiscal revenue growth at 23-year low

China's annual fiscal revenue growth dropped to a 23 year low of 8.6 percent in 2014, the Ministry of Finance said Friday.

Growth was down by 4.3 percentage points compared to 2012, and 1.6 percentage points lower than that for 2013, according to the ministry website. China's annual economic growth slowed to 7.4 percent last year, the weakest expansion in 24 years.

Slower growth is in line with the weak performance of industrial output, consumption, investment and corporate profits, said the ministry.

The ministry added that prices at factory gates have seen consecutive monthly declines, contributing to the drop in fiscal revenue growth.

A weak housing market and tax cuts also weighed on fiscal revenue, the ministry said.