China to take targeted, forceful steps to support economy, cabinet says
2022.05.23 14:45
FILE PHOTO: People wearing face masks to prevent the spread of the coronavirus disease (COVID-19) walk across a street near a shopping mall in Beijing, China April 15, 2022. REUTERS/Tingshu Wang
BEIJING (Reuters) – China will adopt a package of targeted and forceful measures to support the economy, state media quoted the cabinet as saying on Monday.
China will strive to bring its economic operations back to normal track, the cabinet was quoted as saying.
The government will provide tax credit rebates to more sectors, and raise the annual tax cuts by more than 140 billion yuan ($21.06 billion) to 2.64 trillion yuan, the cabinet was quoted as saying.
China will also reduce some passenger car purchase tax by 60 billion yuan, state media said.
($1 = 6.6470 Chinese yuan renminbi)
