BEIJING :China will unveil bigger tax and fee cuts this year and step up payments to local governments to offset their hit to revenues, Finance Minister Liu Kun said on Tuesday, amid efforts to support a slowing economy.
"This year, the central government will significantly increase the size of transfer payments, especially general transfer payments, continue to favour regions with difficulties and underdeveloped areas," Liu said. China's strong economic recovery from its sharp pandemic-induced slump started losing momentum in the middle of last year, weighed by debt problems in the property market and strict anti-virus measures that hit consumer confidence and spending.
"We want to properly resolve these issues and hopefully that could be achieved this year," Liu added.
Source: News Formal (newsformal.com)
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