Beijing pledges more spending, less taxation in 2019 to boost growth
BEJING has outlined it economic plan for the coming year which includes measures to boost growth by spending more and taxing less, reports the Wall Street Journal
BEJING has outlined it economic plan for the coming year which includes measures to boost growth by spending more and taxing less, reports the Wall Street Journal.
The annual Central Economic Work Conference concluded with agreements by China's top leadership to give a stronger helping hand to boost domestic demand in 2019, said the report.
The growth target will be within a reasonable range next year, according to an official statement, which provided few details This suggests a reluctance to spur growth through major stimulus measures, give the debt overhang that came with the 2008 financial crisis.
The meeting acknowledged a 'complicated and grim external environment' brought on by a deepening trade war with the US that threatens to shave percentage points from China's growth figure.
There was notably no mention of the administration's ambitious Made in China 2025 industry investment plan. In recent weeks reports surfaced that the government was considering pushing back some aspects of the programme, partly due to pressure from Washington.