Chinese Premier Li Urges Bigger Tax Cuts to Ensure Economic Growth

China needs larger cuts in taxes and fees in order to ensure steady economic growth in the first quarter amid fresh downward pressures, said Premier Li Keqiang, urging more support for the most fragile parts of the economy.

On top of extending tax cuts that have expired, China must deepen the cuts, with more deductions for research and development spending, and special support for the service sector and other areas that have been heavily impacted by the pandemic, China National Radio cited Li as saying at a special meeting on the issue.