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Chinese Premier Li Keqiang delivers a government work report at the opening meeting of the second session of the 13th National People's Congress at the Great Hall of the People in Beijing, capital of China, March 5, 2019. (Xinhua/Pang Xinglei) Chinese Premier Li Keqiang delivers a government work report at the opening meeting of the second session of the 13th National People's Congress at the Great Hall of the People in Beijing, capital of China, March 5, 2019. (Xinhua/Pang Xinglei)
Mar 05, 2019

China announces tax cuts worth 2 trillion yuan

Warning of a “tough economic battle ahead,” Chinese Premier - Li Keqiang announced tax cuts worth 2 trillion yuan ($298 billion) for the year.

Value-added taxes will also be reduced to support the manufacturing, transport and construction sectors.

The Chinese PM was delivering the government's work report on behalf of the state council during the 2nd session of the 13th National People's Congress, which commenced at the Great Hall of the People in Beijing, China today (05).

The event was graced by China's top legislature including president Xi Jingping and nearly 3,000 NPC deputies.

China also set its lowest growth target in nearly three decades and Premiere Li set the country’s growth at 6.0 to 6.5%, down from a target of 6.5% last year. Growth in 2018 was 6.6%, the slowest rate since 1990.

According to the government's work report published on Tuesday, China will continue to promote Sino-U.S. trade negotiations, and will commit to safeguard economic globalisation and free trade.

The annual meetings known as the 'Two Sessions' bring together two of China's political bodies, the Chinese People's Political Consultative Conference (CPPCC) and China's legislature - the National People's Congress (NPC) and is China's biggest political event of the year.

- Shanika Jayasekara reporting from Beijing

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