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Wednesday, August 17, 2022

China to push for tax cuts, avoid competitive currency devaluation

China to push for tax cuts, avoid competitive currency devaluation© Reuters. China’s Premier Li Keqiang waits to meet Administrator of UNDP Achim Steiner in Beijing

BEIJING (Reuters) – China will push for larger tax cuts, Premier Li Keqiang said on Tuesday, adding that it would help small firms facing funding difficulties and widen access for private firms in infrastructure.

China will not resort to competitive currency devaluation and is able to keep its yuan currency basically stable, Li added, reiterating that it would not resort to forceful stimulus to prop up the economy.

He was addressing a joint news conference with the heads of international agencies following a meeting in Beijing.

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Source: Investing.com

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