China says to collect more profits from state-owned financial institutions amid tax cuts

Chinese Finance Minister Liu Kun attends an interview with Reuters at the Ministry of Finance in Beijing
Chinese Finance Minister Liu Kun attends an interview with Reuters at the Ministry of Finance in Beijing, China August 23, 2018. REUTERS/Jason Lee/File Photo

March 7, 2019

BEIJING (Reuters) – China’s finance minister said on Thursday that the government will collect more profits from certain state-owned financial institutions and centrally-owned firms, in a bid to support fiscal revenue as the government makes sweeping tax cuts.

The pressure to balance fiscal revenue and spending is very pronounced in 2019, finance minister Liu Kun told a news conference on the sidelines of an annual parliamentary meeting in Beijing.

(Reporting by Yawen Chen and Ryan Woo; Editing by Kim Coghill)

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