China to slash taxes, boost lending to prop up slowing economy

• “The environment facing China’s development this year is more complicated and more severe,” said Premier Li Keqiang. “There will be more risks and challenges that are either predictable or unpredictable and we must be fully prepared for a tough battle.”

 

• 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.

 

• The government is targeting economic growth of 6.0% to 6.5% in 2019, Premier Li Keqiang said at Tuesday’s opening of the annual meeting of China’s parliament, less than the 6.6% gross domestic product growth reported last year.

 

(Source: Reuters)