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China Needs Rate Cuts, Not Just Lower Taxes, Top Official Says

China’s government should continue to reduce the interest rate burden on consumers and businesses in addition to tax cuts in order to fuel consumption in the economy, a top economic official said.

“Reducing taxes and fees is important, but so is reducing interest rates,” Yang Weimin, former vice minister of the Office of the Central Leading Group on Financial and Economic Affairs, said in an interview with the 21st Century Business Herald.