China announced new steps aimed at bolstering slowing economic growth by cutting taxes, spending more on developing the Yangtze River region and expanding financing for exporters.
China will boost public investment in railway, highway, waterways, and aviation-network construction in the Yangtze River basin and cut some utility companies’ taxes by a total of about 24 billion yuan ($3.9 billion) a year, the State Council said in a statement after a meeting yesterday at which Premier Li Keqiang presided.
The People’s Bank of China said in a separate statement yesterday that it will encourage banks to lend more to exporters to boost shipments. It reiterated plans to promote development of direct trading between the yuan and other currencies.
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Feiwen Rong, Bloomberg News via CHINA US Focus http://ift.tt/TP2suw
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