China lowers GDP growth target, announces tax cuts
Speaking at the opening of China’s annual legislative session, Premier Li announced that the GDP growth target has been set in a range of 6-6.5% for 2019, widening the target from the previously announced single-figure rate of 6.5%.
Meanwhile, China’s Ministry of Finance announced plans to cut the value-added tax (VAT) rates for the country’s manufacturing sector by 3%.
Accordingly, VAT for manufacturers will be sliced from 16% to 13%, a move that can potentially deliver a boost of around CNY600 billion ($90 billion).
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Asian polymer markets unfazed by crude oil rally
- India’s polymer demand slowly heals pandemic-inflicted wounds
- LDPE faces a tougher slog in Asia, Europe still on a tear
- Weakness extends to June in Saudi Arabian PP, PE markets
- European PP signals stabilization after 7 months of hikes
- Turkish plastic recycling market in deadlock–solution awaited on import waste ban
- Asia PVC markets decline to 3-month low as downturn fueled by June announcements
- Limited demand leads to further PP, PE declines in China; LDPE hits 6-month low
- African PP, PE markets soften into June
- European PS, ABS under pressure from upstream markets