WRAPUP 5-China to slash taxes, boost lending to prop up slowing economy [Reuters (UK)]
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Source: Reuters
China to slash taxes, boost lending to prop up slowing economy | Reuters 6 Min Read BEIJING (Reuters) - 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 30 years due to softer domestic demand and a trade war with the United States. The government is targeting economic growth of 6.0 to 6.5 percent in 2019, Premier Li Keqiang said at Tuesday’s opening of the annual meeting of China’s parliament, less than the 6.6 percent gross domestic product growth reported last year. Sources told Reuters earlier this year that China would cut its 2019 growth target to 6.0 to 6.5 percent from the 2018 target of around 6.5 percent as both global and domestic demand ebbed and the U.S. trade war heightened economic risks. 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 ar
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