[size=36]To ease the burden of companies .. China cut taxes by $ 212 billion[/size]
BEIJING (Reuters) - The Chinese government said on Thursday it had cut taxes and fees by more than 1.5 trillion yuan (about $ 212.03 billion) in the first eight months of 2019 to ease corporate burdens.
The "reduction of taxes and fees" has contributed to increasing incomes and jobs and greatly stimulating market vitality, "the government said in a statement released by Xinhua on Tuesday.
The total fee reduction is estimated to exceed 2 trillion yuan ($ 282 billion) by the end of the year. this year.
on September 20 / last September, China 's central bank decided to cut interest rate on lending for a year, the second consecutive month, by 0.5 percent to 4.20 percent, as part of his attempt to revive the economy , which is facing challenges.
The government asserts that it is seeking to step up efforts to further ease the burden on companies, consolidating the momentum of development and providing foreign investors with a better business environment.
Last month, the Chinese central bank decided to reduce the mandatory reserve ratio of banks operating in the country, by 0.5 percent, for the third time in 2019.
Recently, the International Monetary Fund lowered its forecast for growth of the Chinese economy to 6.2 percent in 2019 from 6.3 percent in previous estimates.
China's economy, the world's second largest, last year grew 6.6 percent, its lowest rate in nearly 30 years. Ended / 29 BC