lørdag 8. januar 2022

Chinese Premier Li Keqiang urges more tax cuts to boost China's slowing economy

A top Chinese official this week called for more tax cuts as the world's second largest economy contends with fallout from renewed Covid outbreaks, a strict zero-tolerance approach to containing the virus and a deepening real estate crisis.

"Our country's economy is facing new downward pressures," Premier Li Keqiang told financial and tax officials at a meeting Wednesday in Beijing, according to the government news agency Xinhua. "It is necessary ... to further cut taxes and [administrative] fees to ensure a stable economic start in the first quarter and stabilize the macro economy."

Li's remarks are the latest to suggest that Beijing is reconsidering its approach to policy in the face of increasing economic headaches. During a key meeting last month, Chinese President Xi Jinping and other top leaders marked "stability" as their top priority for 2022. That's a huge pivot from a year earlier, when "curbing the disorderly expansion of capital" ruled the day.