Beijing has unveiled a $ 298 billion tax cuts plan to stimulate the Chinese economy, citing the slowdown and trade war have become major challenges for President Xi Jinping, said Li Keqiang, current Premier of the State Council of the People’s Republic of China, to 3,000 delegates at the opening the annual session of China’s parliament.
Li said the government is targeting growth of 6.0 percent to 6.5 percent this year, lowering its range from 2018. The government had set a target of around 6.5 percent in 2018 and recorded official growth of 6.6 percent, the slowest pace in nearly three decades.
“In pursuing development this year, we will face a graver and more complicated environment as well as risks and challenges ... that are greater in number and size,” said Li in his speech.
