Premier Li Keqiang announced the tax cuts in his annual work report at the “two sessions” meeting in March. Photo: Xinhua
Premier Li Keqiang announced the tax cuts in his annual work report at the “two sessions” meeting in March. Photo: Xinhua

China’s tax cuts were meant to boost its slowing economy, but will they end up hurting debt-ridden regions?

  • Premier Li Keqiang announced reductions in value-added and personal income taxes and a lowering of the social security contribution rate in March
  • The tax cuts are said to be worth 2 trillion yuan (US$298 billion), but local authorities are already asking for additional funding due to the economic slowdown

Premier Li Keqiang announced the tax cuts in his annual work report at the “two sessions” meeting in March. Photo: Xinhua
Premier Li Keqiang announced the tax cuts in his annual work report at the “two sessions” meeting in March. Photo: Xinhua
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