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在线翻译:
szdaily -> Business/Markets -> 
Tax cuts introduced for small, micro businesses
    2019-01-11  08:53    Shenzhen Daily

CHINESE policymakers are continuing their efforts to arresting the slowdown in the world’s second-largest economy, as further details emerged of measures to ensure credit to small businesses and ease their tax burden.

Late Wednesday, the government announced a package of tax cuts for small and micro-sized businesses — the backbone of the economy — worth 200 billion yuan (US$29 billion) per year over the next three years.

That’s consistent with a modest increase in the targeted budget deficit for this year and matches the aim of a new targeted funding tool that the central bank announced will start this month.

As China and the United States inch toward a possible deal in negotiations over their trade standoff, incoming domestic data have pointed to a sharper slowdown in the first quarter, with even the nation’s households tightening their belts — auto sales posted their first annual drop in decades in 2018.

At the same time, officials are refraining from full-scale stimulus due mainly to concerns over debt levels and financial stability.

The decision to cut corporate income tax, value-added tax and other corporate taxes was announced after a State Council meeting Wednesday.

It came right after the central bank said its new program to encourage banks to lend to small and private firms would begin later this month. (SD-Agencies)

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