BEIJING: China's tax and fee reduction initiative may boost overall economic growth by 0.8 percentage point this year, and policymakers are saving money to support economic growth through controlling unnecessary expenditures, Finance Minister Liu Kun reported to the country's top legislature on Wednesday (Dec 25).
Tax and fee cuts in 2019, predicted to exceed the annual target of 2 trillion yuan ($286 billion), will speed up the GDP growth, promote increases in fixed-asset investment by 0.5 percentage point and lift retail sales by 1.1 percentage points, Liu said at the ongoing bimonthly session of the Standing Committee of the National People's Congress.
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