China will cut value-added tax rates for selected industries and provide tax rebates for others as part of its efforts to boost a slowing economy.
Xu Hongcai, assistant to the finance minister, outlined the new stimulus measures at a press conference on Friday in which government officials described progress implementing the economic policy agenda agreed late year at the Central Economic Work Conference, the annual meeting that sets policy priorities for the coming year.
In addition, the government will expand preferential policies that reduce the burden of corporate income taxes for small and micro enterprises.
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