Tax cuts to steady china’s economy
Print Edition
CHINA acted yesterday to steady its stumbling economy by cutting taxes for small firms and announcing plans to speed up the construction of railway lines.
The government said it will accelerate the construction of rail projects that have been approved, and increase the total length of lines laid this year by 18 percent compared to 2013.
It also said it would lower tax rates for smaller companies by relaxing the criteria that allows them to halve their income taxes. This policy will be extended to the end of 2016, the government said.
The measures come after Premier Li Keqiang said last week that the government was ready to provide support.
Two surveys of China’s manufacturing sector this week raised fears the economy may be cooling faster than thought.
“We will find innovative ways including fiscal and financial methods to steady economic growth,” the State Council said after a cabinet meeting yesterday.
The railway investment will be partly financed by bank loans, the government said. Authorities will also create an annual fund worth 200 billion yuan to 300 billion yuan each year that is open to private investors.
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