Record high fiscal deficit possible

With tax income under pressure, analysts say it is time to raise the shortfall target

Figures released on Friday showed how the slowing economy has taken its toll on China's collection of taxes and fees in 2015, which registered the slowest expansion pace in 28 years.

But things are not looking better this year, either, which could make way for setting a record high target for the fiscal deficit of up to 3 percent of GDP - up from 2.3 percent in 2015, analysts said.