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China to Give $157bn Tax Rebates to Small Firms – CCTV

China will give nearly 1 trillion yuan ($157 billion) in tax rebates to domestic small firms to shore up economic stability, state media CCTV quoted a cabinet meeting as saying on Monday.


Li Keqiang is expected to bow out aftertwo terms as Premier.
Premier Li Keqiang is widely perceived to have seen his role diminished under Xi but has been a source of comfort to investors who view him as a moderate voice amid Xi's shift towards state-driven economic management. File photo: Reuters.

 

China will give nearly 1 trillion yuan ($157 billion) in tax rebates to domestic small firms to shore up economic stability, state media CCTV quoted a cabinet meeting as saying on Monday.

China will also take targeted measures to boost market confidence and keep capital market development stable and healthy, according to the State Council meeting chaired by Premier Li Keqiang.

The meeting also said the government will properly handle problems from capital market operations, and will create a stable, transparent and predictable market climate.

China attaches great importance to the impacts brought by the changing global capital market to the Chinese capital market, the cabinet said, adding it will roll out policies to stabilise the economy and stimulate market vitality as much as possible.

 

• Reuters with additional editing by Jim Pollard

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.