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).
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