BEIJING, July 23 -- China will continue with stable macro policies and adopt a combination of fiscal and financial measures in an effort to boost domestic demand and bolster support for real economy, the State Council's executive meeting chaired by Premier Li Keqiang decided on Monday.
The government will give targeted and well-timed regulation in face of external uncertainties and maintain that economy performs within a reasonable range, adding that it will firmly refrain from resorting to a deluge of strong stimulus policies, the Monday meeting announced.
The Chinese government puts developing the real economy high on its agenda. President Xi Jinping underlined the importance of improving the fiscal spending structure by prioritizing funding in key areas and projects. In this year's Government Work Report, Premier Li Keqiang stressed the need to focus on the real economy and leverage the proactive fiscal policy to tackle the financing difficulties facing small and micro businesses.
In the first half of 2018, the government made tremendous efforts to cut costs for the real economy, including by maintaining robust public spending and scaling up tax and fee cuts. The government also introduced tax incentives and other measures to make financing more accessible and affordable for small and micro enterprises.
The Monday meeting agreed that a more proactive fiscal policy will be pursued. The government will focus on introducing deeper tax and non-tax fee cuts, and more companies will be eligible for the preferential policies of the additional deduction of R&D spending in taxable income, a policy which is expected to cut another 65 billion yuan of tax within this year on top of an initial goal of cutting taxes and fees by 1.1 trillion yuan this year.
【国内英语资讯:Fiscal and financial policy on the way to bolster real economy】相关文章:
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