BEIJING- Chinese Premier Li Keqiang on Tuesday (March 5) unveiled a raft of measures to tackle China's slowing economy. Here are some key points.. Read more at straitstimes.com.
BEIJING- Chinese Premier Li Keqiang on Tuesday unveiled a raft of measures to tackle China's slowing economy. Here are some key points.
1. Tax cuts Beijing is reducing the tax burden on businesses significantly, slashing the value-added tax rate to 13 per cent for manufacturers, a 3 percentage point drop. The tax rate for transportation, construction and other industries will also be cut to 9 per cent, a decrease of 1 percentage point.2. More infrastructure spending The government will also invest heavily in infrastructure to stimulate the economy, pouring 800 billion yuan and 1.8 trillion yuan into railways as well as roads and waterways, respectively.3. Boosting employment Beijing plans to create 11 million new jobs, and keep surveyed urban unemployment rate around 5.5 per cent.
To do so, it is giving businesses tax reliefs for three years if they hire the rural poor or urban residents who have been unemployed for six months. It is also spending 100 billion yuan on a vocational skills training initiative, upgrading the skills of some 15 million people.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China-US trade talks progress 'well received', says senior Chinese officialBEIJING (REUTERS) - The 'substantive progress' China and the United States have made in their trade talks has been 'well-received' in both countries and around the world, a senior Chinese official said on Monday (March 4), maintaning Beijing's previous upbeat assessment of discussions.. Read more at straitstimes.com.
Read more »
Chinese President Xi Jinping faces growing concerns as parliament opens annual sessionBEIJING (AFP) - China's parliament opens its annual session on Tuesday (March 5) as President Xi Jinping faces growing concerns about the slowing economy, a major challenge to the country's pre-eminent leader.. Read more at straitstimes.com.
Read more »
China says Taiwan opposition's peace proposal must include push for 'reunification'BEIJING: Any proposals from self-ruled Taiwan for a peace deal with China must include a push for 'reunification', Beijing said on Wednesday (Feb ...
Read more »
China says it 'regrets' WTO ruling in favour of US on subsidiesBEIJING: China said on Friday (Mar 1) it 'regrets' a World Trade Organisation (WTO) ruling in Washington's favour over a dispute on Chinese ...
Read more »
US and China said to appear close to deal to roll back tariffsThe United States and China appear close to a deal that would roll back U.S. tariffs on at least US$200 billion worth of Chinese goods, as Beijing ...
Read more »
US trade representative says issues with China are 'too serious' to be resolved with purchasesU.S. issues with China are 'too serious' to be resolved with promises from Beijing to purchase more U.S. goods and any deal between the two ...
Read more »
China to slash taxes, boost lending to shore up slowing economy
Read more »
China says defence spending rise to be 'reasonable and appropriate'BEIJING: China will keep up a 'reasonable and appropriate' increase in defence spending to satisfy its national security and military reforms, a ...
Read more »