The second session of the 13th National Committee of the Chinese People's Political Consultative Conference (CPPCC) opens at the Great Hall of the People in Beijing. Photo: Xinhua

China cuts taxes and defence budget growth, demands more profits from state firms

  • Value-added taxes cut more than expected. State firms have to hand in more profits to bridge fiscal shortfall
  • Defence budget growth slashed from 8.1 per cent to 7.5 per cent
Topic |   Two Sessions 2019 (Lianghui): Top Priorities

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The second session of the 13th National Committee of the Chinese People's Political Consultative Conference (CPPCC) opens at the Great Hall of the People in Beijing. Photo: Xinhua
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Premier Li Keqiang delivering the work reports at the opening session of the China's National People's Congress at the Great Hall of the People in Beijing. Photo: AP

China lowers 2019 GDP growth target to 6-6.5 per cent range

  • Gross domestic product growth target released on Tuesday morning in Premier Li Keqiang’s annual report to the National People’s Congress
  • Target down from ‘about 6.5 per cent’ set for last year due to US-China trade war, an already high debt level and financing bottlenecks for private enterprises
Topic |   China economy

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Premier Li Keqiang delivering the work reports at the opening session of the China's National People's Congress at the Great Hall of the People in Beijing. Photo: AP
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