China’s Cabinet Vows Stronger Support for Economy

China’s cabinet pledged tax rebates to businesses to shore up economic stability and called for targeted measures to boost confidence in capital markets.

Nearly 1 trillion yuan ($157 billion) of tax rebates will be directed to small and micro enterprises and individual business owners, the State Council said Monday at a meeting chaired by Premier Li Keqiang. An additional 1.2 trillion yuan in transfer payments will be allocated to support community-level efforts to implement tax rebates and tax and fee cuts and to ensure employment, according to the meeting.