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China to cut taxes to counteract slowdown



China plans to cut taxes, increase spending and provide ample funding for private and small businesses to help counteract the country's worst downturn since the global financial crisis and the impact of a blue brand trade war with the United States.

People's Bank of China is convinced that it can keep the value of the currency, yuan or yuan, stable, while maintaining a stable but flexible monetary policy, Zhu Hexin, a deputy governor, told a report on plans for 2019, set by top executives at an annual meeting in December.

In July-September, China's economic growth slowed to a post-crisis low of 6.5%. compared to a year earlier despite the government's efforts to curb the decline by ordering banks to borrow more and by increasing the cost of public construction.

On Monday, the government reported that China's exports to the United States fell in December as the delayed effect of President Donald Trump's tariff increases on Chinese roducts began to squeeze demand. China's trade surplus with the United States rose to a record $ 323.3 billion in 201

8.

World markets responded in response, but were restored Tuesday after the Beijing news meeting, while Hong Kong's Hang Seng jumped 1.8%. While the Shanghai Composite Index climbed 1.2%.

Sales to the US market had grown by two digits in previous months as Chinese exporters rushed to fill orders. But the forecasts said US orders would fall when the full impact of Trump's penalties was hit. Global demand is also moderated.

The decline in exports is increasing the pressure on Beijing to resolve the dispute with Washington over Chinese technology policy. US and Chinese officials closed a three-day negotiation session last week with no sign of agreement or word on what their next step would be.

The plans for 2019 outlined Tuesday included specific measures such as. Raise the maximum income levels for tax-exempt businesses and individuals and reduce tax rates.

The government plans to begin the construction of major projects and promote the settlement of rural migrants in cities, cut bureaucratic and anti-competitive bureaucracy, reduce energy consumption and open up more business areas for foreign investment, said Lian Weiliang, Vice-President of the National Development and Reform Commission. China's Planning Agency.


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