China to slash taxes, boost lending as it cuts growth forecast [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
China to slash taxes, boost lending as it cuts growth forecast China sought to shore up its slowing economy through billions of dollars in planned tax cuts and infrastructure spending, with economic growth at its weakest in almost 3 years due to weaker domestic demand and a trade war with the United States. The government is targeting economic growth of 6. to 6.5 per cent in 219, Premier Li Keqiang said at Tuesday’s opening of the annual meeting of China’s parliament, less than the 6.6 per cent gross domestic product growth reported last year. Sources told Reuters earlier this year that China would cut its 219 growth target to 6. to 6.5 per cent from the 218 target of around 6.5 per cent as both global and domestic demand ebbed and the U.S. trade war heightened economic risks. Story continues below advertisement Speaking in Beijing’s Great Hall of the People, Li warned of the challenges the world’s second-largest economy faced and pledged to keep it on a safe footing with an array of
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