BEIJING - China's cabinet said on Wednesday that authorities will exempt final settlement for individual tax-payers for two years, if their annual income is lower than 120,000 yuan ($17,060.48), in a bid to further reduce individual tax burdens.

The announcement came during a State Council Meeting chaired by the country's Premier Li Keqiang.

($1 = 7.0338 Chinese yuan renminbi)

(Reporting by Beijing Monitoring Desk) ((yifan.qiu@thomsonreuters.com; 86-10-66271289;))