China has pledged tax cuts and infrastructure spending to support economic growth, as economists poured doubt on a strong rebound for the world’s second-largest economy as long as lockdowns persist.
Beijing will increase annual tax cuts by more than 140 billion yuan ($21bn) to 2.64 trillion yuan, offer tax rebates to more economic sectors, and postpone social security payments worth 320 billion yuan until the end of the year, the state-run Xinhua news agency quoted the State Council, China’s Cabinet, as saying on Monday.
