ZCZC
BCN-16
CHINA-TAX-CUT
China to launch larger-scale tax cuts next year
BEIJING, Dec. 29, 2018 (BSS/Xinhua) – China will reduce taxes and fees on a
larger scale next year, according to the country’s finance minister.
Inclusive and structural tax cuts will be implemented in 2019, with
priority on easing the burden on manufacturing as well as for small and
micro-sized businesses, Minister of Finance Liu Kun told a national fiscal
work conference held Thursday and Friday.
Technology startups will also be offered tax cuts and exemptions, the
minister said.
He pledged “more significant” fee reductions with moves to better regulate
local fee charging.
The government will increase the efficiency of fiscal fund allocation and
usage, optimize the structure of spending, and fully implement budget
performance management next year, according to Liu.
He urged governments at all levels to “tighten their belts” by slashing
general expenditure, strictly controlling spending on official overseas
visits, government-procured vehicles and official receptions, and scrapping
inefficient expenses.
“In addition, management of local government debt will be strengthened next
year, with a relatively large increase in special bond issuance by local
governments,” Liu said.
China will strengthen counter-cyclical adjustments in its macro policy in
2019, with bolder and more effective measures to be taken to implement the
proactive fiscal policy, according to the annual Central Economic Work
Conference held last week.
BSS/XINHUA/HR/1446