Editorial: China Policymakers Need to Push Harder as Economy Gains Traction
China’s economy showed better-than-expected signs of revival in the first quarter, with gross domestic product (GDP) expanding by 6.9% from a year earlier, data released on April 17 showed. Then last April 19, China’s cabinet, the State Council, announced a slew of tax cuts for businesses to ensure the economy retains its momentum.
The changes include simplifying the value-added tax system, giving more tax breaks for small and midsize enterprises, and providing tax incentives to boost investments in technology and R&D ventures. These measures are expected to reduce the tax burden on businesses by over 380 billion yuan ($55.5 billion) each year, encourage spending and boost growth.
The Editor-in-Chief of Caixin Media.
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