CHINA-ECONOMY: PREMIER LI KEQIANG ANNOUNCES TAX CUTS TO NPC ON MARCH 5
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Chinese Premier Li Keqiang, in his report to the NPC on March 5, 2019, stated that "In pursuing development this year, we will face a graver and more complicated environment as well as risks and challenges... that are greater in number and size." He added "We must be fully prepared for a tough struggle." Li Keqiang also told the NPC delegates that China would aim to deliver nearly 2 trillion yuan ($298bn; £227bn) of cuts in taxes and other company fees. A value-added tax (VAT) for transportation and construction sectors will be sliced from 10% to 9%, and VAT for manufacturers will fall from 16% to 13%, he said.
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