| (d) | The analysis of deferred tax assets and deferred tax liabilities is as follows: |
| As at 31 December 2017 RMB million |
As at 31 December 2016 RMB million |
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Deferred tax assets: |
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- deferred tax assets to be recovered after 12 months |
1,980 | 3,024 | ||||||
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- deferred tax assets to be recovered within 12 months |
4,493 | 3,626 | ||||||
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Subtotal |
6,473 | 6,650 | ||||||
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Deferred tax liabilities: |
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- deferred tax liabilities to be settled after 12 months |
(9,131 | ) | (13,037 | ) | ||||
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- deferred tax liabilities to be settled within 12 months |
(2,213 | ) | (1,381 | ) | ||||
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Subtotal |
(11,344 | ) | (14,418 | ) | ||||
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Net deferred tax liabilities |
(4,871 | ) | (7,768 | ) | ||||
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