China greasing economy with $55bn in tax breaks - Nikkei

The Nikkei Asian Review reports Thursday that China's State Council approved 380 billion Yuan ($55.1 billion) in tax relief a day before.

Key Highlights:

It will mainly favor farmers and small businesses in a move that is seen as both economic and political.

The second large-scale tax cut to follow last year's comes as China's economy is forecast to slow down in the latter half of 2017, during which the Communist Party will convene its 19th National Congress and reshuffle top leadership.

China will modify its value-added tax this July by removing the 13% bracket while retaining the 6%, 11% and 17% tiers.

The 13% rate currently applies to farm products and natural gas, but they will move to the 11% category. 

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