China Investment Corporation, the sovereign wealth fund, and China National Tobacco Corporation, the world’s biggest cigarette maker, are among the financial institutions and monopolies that will pay surplus profits from previous years. Photo: Imaginechina
China’s state firms to pay US$260 billion in profits to help fund Beijing’s spending spree
- People’s Bank of China and other state-owned institutions and monopolies are required under Chinese law to pay part of their profits to the government
- The law had been suspended for two years due to the coronavirus, but they are now expected to pay a total of 1.65 trillion yuan (US$261 billion) in profits this year
China Investment Corporation, the sovereign wealth fund, and China National Tobacco Corporation, the world’s biggest cigarette maker, are among the financial institutions and monopolies that will pay surplus profits from previous years. Photo: Imaginechina
