China OKs sweeping tax reforms to tackle inequality


BEIJING (Reuters) - China unveiled sweeping tax reforms on Tuesday to make wealthy state-owned firms, property speculators and the rich pay more to narrow a yawning gap between an urban elite and hundreds of millions of rural poor.

The plans approved by the State Council - China's cabinet - also included commitments to push forward market-oriented interest rate reforms to give savers a better return and more security.

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