China Profits Sinking May Pressure Wen to Reduce Taxes: Economy


20/07/2012 07:29 AST  Bloomberg

Profit declines for hundreds of Chinese companies in the first half may increase pressure on the government to reduce corporate taxes as part of efforts to stem the economy’s slowdown.

Net income declined from a year earlier for more than half of 760 listed companies to report results, worse than in the first six months of 2009, Societe Generale SA said yesterday. Credit Agricole CIB sees tax cuts as a likely policy tool.

The breadth of the declines raises the urgency for Premier Wen Jiabao to move beyond boosting investment and monetary stimulus in dealing with the worst deceleration in the world’s second-largest economy since the global financial crisis. Wen this month repeated his call for structural tax changes and the State Council may be poised to announce measures to support growth, the China Securities Journal reported July 16.

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