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Economics

China’s Economy Faces New Downward Pressure, Premier Li Says

  • Li Keqiang says tax cuts needed to help small businesses
  • Statement comes after data showed weaker economy in October
Li Keqiang

Li Keqiang

Photographer: Greg Baker/AFP/Getty Images

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China’s economy faces new downward pressures and has to cut taxes and fees to address the problems faced by small and medium-sized companies, according to the country’s Premier Li Keqiang.

Li did not specify the extent of the new “downward pressure” or its cause, but the phrase is generally used by Chinese officials to refer to a slowing economy. He has used the phrase before, including several times in 2019.