Chinese Premier Li Keqiang said announced the tax cuts for the manufacturing industry during the National People’s Congress in Beijing. Photo: EPA
China’s ‘unprecedented and sufficient’ tax cut still does not do enough for small manufacturers, owners say
- Premier Li Keqiang said last week that Beijing will cut the value-added tax (VAT) rate for manufacturing firms by 3 percentage points to 13 per cent from April 1
- Owners play down suggestions it could boost domestic business and aid employment to help offset the slowdown in growth caused by the US-China trade war
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China economy
Chinese Premier Li Keqiang said announced the tax cuts for the manufacturing industry during the National People’s Congress in Beijing. Photo: EPA
Zhongda market is home to more than 20,000 merchants and 100,000 employees trading 100,000 different kinds of fabrics, textiles and garments. Photos: He Huifeng
Greater Bay Area creates uncertain future for China’s largest fabric market and its 100,000 employees
- Guangzhou’s Zhongda market with its 20,000 merchants is being relocated 100km away to Qingyuan to make way for Beijing’s grand technology plan
- The five square kilometre market, one and a half-times the size of New York’s Central Park, is being replaced by an international innovation centre to rival Silicon Valley
Topic |
China economy
Zhongda market is home to more than 20,000 merchants and 100,000 employees trading 100,000 different kinds of fabrics, textiles and garments. Photos: He Huifeng