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QINGDAO TODAY
在线翻译:
szdaily -> Business/Markets -> 
Govt. vows tax cuts on larger scale
    2019-01-16  08:53    Shenzhen Daily

THE government will implement larger tax and fee cuts, especially for small businesses and the manufacturing sector, according to a press conference yesterday.

The press conference was held in Beijing with Zhu Hexin, deputy governor of the People’s Bank of China, Xu Hongcai, assistant minister at the Ministry of Finance, and Lian Weiliang, vice chairman of the National Development and Reform Commission (NDRC). The officials were outlining plans for 2019 that were set at an annual policy meeting in December.

China will avoid a “flood” of liquidity, and will maintain a stable macro-leverage ratio, the central bank’s Zhu said. The central bank will also work more to improve policy transmission and guide funding costs lower, he said.

Being prudent doesn’t mean the central bank can’t tweak monetary policies, Zhu said, adding that China’s policy will offer “enough” support to the economy. Zhu also said the People’s Bank of China was confident it can keep the value of the yuan steady.

When asked if the central bank should cut benchmark interest rates, Zhu said existing monetary policy measures should be improved.

China’s new yuan loans in 2018 increased 2.64 trillion yuan (US$382 billion) from the previous year to 16.17 trillion yuan, according to a statement by the central bank before the press conference, signaling that December lending exceeded most economist estimates.

China’s loans to small and medium-sized enterprises rose 17.1 percent in the January-November period over a year ago, according to the central bank statement.

China will take measures to stabilize auto consumption, according to a statement by the NDRC at the press conference.

Stabilizing employment is the government’s top priority, Lian said at a press conference.

China will speed up investment projects and local government bond issuances, but will not resort to “flood-like” stimulus, Lian said.

In the July-September period, China’s economic growth sank to a post-crisis low of 6.5 percent compared with a year earlier.

China has lowered the level of reserves that commercial banks need to set aside for the fifth time in a year and has also cut taxes and fees, and stepped up infrastructure investment to shore up the economy.(SD-Agencies)

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