China's Finance Minister is warning the government has so far been unable to meet its fiscal revenue growth targets for the year.

New stats delivered by Lou Jiwei in a report from the State Council, China's cabinet, shows government income through the first 5-months has come in at 2.95-trillion yuan, or around 475-billion US dollars.

While still at a growth rate of 2-percent compared to the same period last year, it's still below the revenue growth target of 5-percent set by the government at the beginning of this year.

Luo Jiwei is attributing the slowdown in government income to the slower rate of economic growth.

As part of his submission to the State Council's bi-monthly session, new stats also show a marked reduction in spending on the so-called "three pubic consumptions" this past year.

Central government spending on overseas trips, vehicles and receptions in 2014 came in at 5.88-billion yuan, or just under 950-million US dollars.

This is close to 1.3-billion yuan, or nearly 200-million US dollars, below the budget originally laid out last year.

Lou Jiwei has said in the State Council report this has come as a result of the ongoing frugality campaign initiated by President Xi Jinping after he took office.

The reduced spending on the "three public consumptions" has seen the downsizing of delegations traveling overseas, as well as stricter management of government vehicles and official receptions.