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
Topic |   China economy

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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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