New tax cuts to spur economic dynamism were approved at the State Council’s executive meeting, presided over by Premier Li Keqiang, on Wednesday. Some pilot taxation incentives will be expanded, and the value added tax will be consolidated.
The free-spending younger generation is fueling China’s transition from an export-led economy to one driven by domestic consumption.
China’s (FXI, quote) economic growth failed to rebound in August as expected, signaling that the central government may have to introduce more support measures.
Premier Li Keqiang said China is confident of keeping its annual growth rate around 7 percent for a fair period of time by persisting with its reform and opening-up and tapping its huge potential.
There will be no hard landing for China’s (FXI, quote) economy, Premier Li Keqiang said yesterday. It will continue to grow at a medium to high pace in the long term.
