China’s central bank plans to turn over more than 1 trillion yuan ($158 billion) in surplus profits to the country’s central budget in 2022 to support enterprises and stabilise employment, Xinhua reported.
The funds will mainly be used to facilitate value-added tax credit refunds and increase the central government’s transfer payments to local governments, according to an online statement from the People’s Bank of China.
Read the full report: Xinhua
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