China to slash taxes, boost lending as it cuts growth forecast GlobeBusiness
Chinese President Xi Jinping, left, and Chinese Premier Li Keqiang arrive at the opening session of China's National People's Congress at the Great Hall of the People in Beijing, Tuesday, March 5, 2019. 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 weaker 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. “If you are not sick you will not take so many medicines at one time,” said Iris Pang, Greater China Economist at ING Wholesale Banking. “It means the headwinds have not gone away, they are still there.”A longer-term campaign to curb polluting and low-value industries also slowed China’s vast manufacturing sector.
China aims to create more than 11 million new urban jobs this year and keep the urban unemployment rate within 4.5 per cent, in line with its 2018 goals. At the same time, it will cut the social security fees paid by companies.In a push to ramp up infrastructure investment, China’s finance ministry raised the special bond issuance quota for local governments to 2.15 trillion yuan from 1.35 trillion yuan last year.
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