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.
Chinese shares regained the 2,900-point mark on Monday, following the appointment of a new regulator head on Saturday.
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.
Stocks tumble the most since 2007, as policy support measures fail to restore market faith.
Growth in China’s (FXI, quote) manufacturing sector accelerated to a six-month high in June, registering a strong end to the second quarter and an encouraging sign that the economy is further stabilizing.
Tax breaks for the small and micro firms will be extended till the end of 2016, China’s cabinet, the State Council, announced on Wednesday.
