China Opts for Tax Cuts to Jolt Its Economy Awake

Mar 13, 2019 | 11:00 GMT
Chinese President Xi Jinping is served tea on March 12, 2019, during a session of the National People's Congress in Beijing.

President Xi Jinping, shown here being served tea during a March 12 session of the National People's Congress in Beijing, and the Chinese government are turning toward tax cuts and other fiscal policies to address China's economic challenges.

(KEVIN FRAYER/Getty Images)

Spurred in part by its slowing economy, China is gathering steam in its efforts to rebalance its tax structure. During the country's annual legislative session this month, Chinese Premier Li Keqiang announced an expanded 2 trillion yuan ($298 billion) reduction -- or 10 percent of China’s total government budget revenues...

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