China’s tax collectors could yet blunt stimulus:
Chinese Finance Minister Liu Kun said on March 7 that pressure to balance government revenue and spending was pronounced in 2019. The government will aim to collect more profit from state-owned financial institutions and central state-owned companies, he said.
Liu said China’s planned tax cuts for this year are globally unprecedented. The government on March 5 said it would reduce total taxes and fees for companies by nearly 2 trillion yuan in 2019. Chinese banks extended 886 billion yuan of net new yuan loans in February, according to data released on March 10 by the People’s Bank of China, down from a record 3.23 trillion yuan the month before.
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