China’s tax cuts linked to employment, economic stability: premier

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© Reuters. China's Premier Li Keqiang attends a meeting with Ecuadorean President Lenin Moreno at the Great Hall of the People in Beijing© Reuters. ’s attends a meeting with Ecuadorean President Lenin Moreno at the Great Hall of the People in

SHANGHAI (Reuters) – China’s tax cuts for smaller companies are mainly intended to support employment and ensure stability, Premier Li Keqiang was quoted as saying.

China rolled out a series of support measures for its cooling economy last year and is widely expected to unveil more in coming months to reduce the risk of a sharper slowdown.

“Implementing tax cuts for small and micro enterprises is mainly to support employment,” Li said, according to a statements posted to the government’s website on Saturday.

China’s State Council, or cabinet, said on Jan. 9 that would further reduce taxes for smaller companies. On Friday, Finance Minister Liu Kun said authorities would step up tax and fee cuts to lower corporate burdens.

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Source: Investing.com