Beijing steps up support for the economy by announcing massive tax cuts and other fee reductions to help struggling companies
Workers are seen near a vessel under construction at a shipyard of Huanghai Shipbuilding in Weihai, Shandong province, China. Picture: REUTERSChina’s economy cooled further in the first quarter, according to an AFP survey of analysts, as Beijing resorted to tried-and-tested measures to combat tepid global demand and a bruising US trade war.
To combat the slowdown, Beijing has stepped up support for the economy in recent months, announcing massive tax cuts and other fee reductions to help struggling companies. In March, Premier Li Keqiang acknowledged “downward pressure” but vowed not to let the economy “slip out of a reasonable range”. Policies enacted in April, like cutting the value-added tax, and a cut in company social insurance contributions coming next month will more directly help China’s struggling private sector.
The International Monetary Fund on Tuesday raised its forecast for full-year growth to 6.3% from 6.2%, citing China’s ramping economic stimulus and clearing trade tensions with the US. One sticking point in the talks had been an insistence by American officials that any final agreement have teeth — but it appears the negotiators have found a resolution.
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