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China lowers GDP growth target, announces tax cuts

by ChemOrbis Editorial Team -
  • 05/03/2019 (10:28)
According to the annual Government Work Report released on March 5, China has lowered its GDP growth forecast from a single-figure to a range amid increasing downward pressure on the country’s economy and slower consumption growth.

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).
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