November 22, 2019 / 7:39 AM / in 6 months

China expects tax and fee cuts to exceed 2.3 trillion yuan in 2019: Caixin

BEIJING (Reuters) - China expects to cut taxes and fees by more than 2.3 trillion yuan ($326.85 billion) in 2019, Finance Minister Liu Kun said at an event in Beijing on Friday, Caixin reported.

Beijing has been leaning heavily on fiscal stimulus to support companies over the last year as the economy slows.

China’s State Council had previously said it expects cuts this year to exceed 2 trillion yuan, following original plans of nearly 2 trillion yuan in reductions.

Many local governments are facing increasing fiscal strains as the tax cuts and the broader economic slowdown reduce their revenues. China said in October it will shift some central government tax revenue to local governments’ coffers to help ease the strain.

China’s economic growth slowed to 6.0% in the third quarter, its weakest pace in nearly 30 years, hurt by soft domestic demand and a bruising trade war with the United States.

Reporting by Gabriel Crossley; Editing by Kim Coghill & Shri Navaratnam

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