March 7, 2019 / 1:53 AM / 6 months ago

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

Chinese Finance Minister Liu Kun attends a news conference during the ongoing National People's Congress (NPC), China's parliamentary body, in Beijing, China March 7, 2019. REUTERS/Jason Lee

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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