China sought to shore up its slowing economy through billions of dollars in planned tax cuts and infrastructure spending, with economic growth at ...
BEIJING: China sought to shore up its slowing economy through billions of dollars in planned tax cuts and infrastructure spending, with economic growth at its weakest in almost 30 years due to softer domestic demand and a trade war with the United States.
Li said China's fiscal policy would become"more forceful", with planned cuts of nearly 2 trillion yuan in taxes and fees for companies.Those tax cuts are more aggressive than the 1.3 trillion yuan delivered in 2018 and include reductions aimed at supporting the manufacturing, transport and construction sectors.
China has ramped up the propaganda in the run-up to parliament, with state media releasing English-language videos and even a rap song praising the event as an exercise in Chinese democracy, though the legislature never rejects laws and its members are chosen for their loyalty to the Communist Party.
The lower tax revenue and higher government spending push China's budget deficit target for this year up to 2.8 percent of GDP from last year's 2.6 percent.
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