18 August 2019

SOEs to put more profit into central pot, paper says

The Ministry of Finance said it will raise the share of profits that state-owned enterprises (SOEs) must pay into government coffers by 5 percentage points this year, the China Securities Journal reported Wednesday. SOEs are forecast to contribute 141.49 billion yuan (US$22.81 billion) in after-tax profits to central finances this year, up 37.543 billion yuan, or 36.1 percent, from 2013. Public fiscal revenue is forecast to be 6.44 trillion yuan this year, up 7 percent year on year, the report said.

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