China will scrap taxes for small firms, offer more help for ailing exporters and widen funding channels to speed railway investment, the cabinet said on Wednesday, in Beijing’s latest efforts to boost the slowing economy.
The world’s No 2 economy has slowed in nine of the past 10 quarters and while the government has said it will tolerate slower growth to push reform, it has begun fine-tuning policy in recent weeks to stop the economy from slipping too far.
State radio and TV quoted the State Council, or China’s cabinet, as saying Beijing would exempt more than 6 million small firms with monthly sales of less than 20,000 yuan ($3,300) from business and value-added taxes. Such firms collectively employ several tens of millions of workers.
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