Without the great policies of the [Communist] Party and the state, without the love of the people, there would have been no Fan Bingbing.
As a first-time offender, she will not face criminal prosecution if she pays the fine by an undisclosed deadline.
French music composer and member of the Feature Film jury Gabriel Yared (L) and Chinese actress and member of the Feature Film jury Fan Bingbing arrive on May 28, 2017 for the closing ceremony of the 70th edition of the Cannes Film Festival in Cannes, southern France.
Fan would not be investigated for criminal responsibility for tax evasion as long as the taxes, fines and late fees amounting to almost 900 million yuan ($130 million) are paid on time, the report said.
Now, the authorities have announced that Fan Bingbing will be heavily fined for tax evasion after they established that her and her representatives were guilty of avoiding hundreds of millions of RMB in tax.
Rumors about the star's trouble began when she went silent on China's main microblogging service Weibo, where she has more than 62 million followers.
In a letter posted on her official account on China's Twitter-like Weibo, Fan said she fully accepted the authorities' decision and would overcome "all difficulties" to pay the penalties.
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According to reports, Fan Binbing, 37, lied to authorities about how much money she received for certain film projects. Xinhua said she had been under investigation by tax authorities in Jiangsu province, near Shanghai but didn't provide any details on her current whereabouts.
"I know I've let down the country, betrayed society's trust in me, and let down my fans".
However, Fan - who earned around £33million last year - previously denied any wrongdoing.
Investigations revealed that actress Fan Bingbing had split her contract to evade taxes of 7.3 million yuan over payments for her role in the film Air Strike. "I would like to apologise to everyone for this", wrote Fan. I owe my success to the support of my country and the people. "I beg for everyone's forgiveness!"
Citing sources with knowledge of her case, the South China Morning Post has reported that Fan was released from "secret detention" about two weeks ago as the investigation into her finances wrapped up. She has since been relocated to Beijing.
This saw her top Forbes magazine's list of China's highest earning celebrities, holding the title for a fourth year in a row.