China’s Vice Premier Han: China needs tax cuts to relieve pressure on economy

The Chinese official People’s Daily newspaper reported the latest comments from the Vice Premier Han Zheng on Tuesday, as he said that Beijing needs to cut company taxes and fees as an important part of fiscal policy.

Han noted: “It is necessary to implement the tax and fee reduction policies so that companies and the people can have a real sense of gain.” 

Recently, sources told Reuters that Chinese authorities plan to set a lower economic growth target of 6 to 6.5 percent in 2019, as weakening domestic demand and a damaging trade war with the United States drag on business activity and consumer confidence.