Caixin
Caixin Global – Latest China News & Headlines

Home >

TRENDING
U.S. Tightens Export Controls to Cover Subsidiaries of Blacklisted Firms
DeepSeek Unveils New Model With Sparse Attention, Slashes API Costs
Tech Brief (Sept. 30): U.S. Widens Export Blacklist
LATEST
Tech Brief (Sept. 30): U.S. Widens Export Blacklist
U.S. Tightens Export Controls to Cover Subsidiaries of Blacklisted Firms
DeepSeek Unveils New Model With Sparse Attention, Slashes API Costs
Tech Brief (Sept. 29): Meituan’s Food-Delivery Platform Keeta Launches in Dubai
Chinese Chipmaker Moore Threads Gets Fast Track Approval to $1.1 Billion IPO
Chinese Drone Maker XAG Files for Hong Kong IPO After First Annual Profit
GPT Weekly: Nvidia to Invest $100 Billion in OpenAI
Tech Brief (Sept. 26): Trump Approves TikTok Deal
Xiaomi Ups the Stakes in Premium Market With iPhone-Style 17 Series
Yangtze Memory’s Parent Restructures to Pave Way for IPO Amid Sanctions Pressures
Tech Brief (Sept. 25): Alibaba Launches AI Models
Alibaba Bets Big on ‘AI + Cloud’ With New Models, Nvidia Deal
GlobalFoundries Boosts U.S. Investment, Adds China Fabs to Meet Auto Chip Demand
Tech Brief (Sept. 24): Mercedes-Benz, ByteDance Partner on In-Car AI
Tech Brief (Sept. 23): Nvidia Plans $100 Billion Investment in OpenAI for AI Data Centers
Tech Brief (Sept. 22): Trump Says Murdoch Family May Be Involved in TikTok Deal
GPT Weekly: CoreWeave Secures $6.3 Billion Nvidia Order
Huawei Unveils Three-Year AI Chip Roadmap as Nvidia Faces Setbacks in China
Tencent Cloud Shuns Price War in Intensifying AI Race
China’s Regulator Ramps Up Push to Curb Food Delivery Subsidy War

By Han Wei / Jan 10, 2019 02:15 AM / Economy

Photo: VCG

Photo: VCG

China’s State Council, the cabinet, announced new measures Wednesday to further cut taxes for small enterprises in a bid to support economic growth.

The measures, including tax-rate cuts, higher tax thresholds and broader preferential policies, will save businesses about 200 billion yuan ($29 billion) each year, according to a statement (link in Chinese) released Wednesday after a cabinet meeting chaired by Premier Li Keqiang.

The new measures took effect as of Jan. 1 and will last three years, according to the statement.

Chinese authorities since last year have rolled out an array of policies to bolster a cooling economy facing stiffening headwinds. Last week, the central bank announced lower requirements on the amount of money lenders must hold as reserves.

The cabinet also pledged to accelerate local government bond issuance to support infrastructure projects and encourage financial institutions to support the real economy. China has planned to issue 1.39 trillion yuan of special-purpose bonds this year to fund local infrastructure projects.

Related: Caixin View: Reserve-Ratio Cut Has More Targets Than Lending

Share this article
Open WeChat and scan the QR code