Li Daokui, director of Tsinghua University's Center for China in the World Economy, has questioned the Ministry of Finance citing 850 billion yuan ($134.7 billion) as China's deficit last year.

Li said Friday on the sidelines of the Chinese People's Political Consultative Conference session that the ministry should not have included 270 billion yuan ($42.86 billion) from the government's contingency fund and 191 billion yuan in allocations to local governments for 2012 as 2011 expenditures.

"The two items pushed up last year's deficit figure. For example, you may pay next year's rent this year, but that should not be included in this year's expenditures," Li said, adding that such calculations are not in accord with international practice and economic theory.

"We need an explanation from the Ministry of Finance," Li said.

"China's financial deficit in 2011 should be 370 billion yuan in 2011, accounting for about 0.78 percent of the gross domestic product," Li said.

China will target a budget deficit of 900 billion yuan in 2012, or 2.0 percent of GDP, according to the Ministry of Finance's report.