BEIJING—China sought to shore up its slowing economy through billions of dollars in planned tax cuts and infrastructure spending, with economic growth at its weakest…
BEIJING—China sought to shore up its slowing economy through billions of dollars in planned tax cuts and infrastructure spending, with economic growth at its weakest in almost 30 years due to softer domestic demand and a trade war with the United States.
The regime is targeting economic growth of 6.0 to 6.5 percent in 2019, Premier Li Keqiang said at the opening of the annual national meeting of the Chinese Communist Party’s political advisory body on March 5, less than the 6.6 percent gross domestic product growth reported last year.
Sources told Reuters earlier this year that China would cut its 2019 growth target of 6.0 to 6.5 percent from the 2018 target of around 6.5 percent as both global and domestic demand ebbed and the U. S. trade war heightened economic risks.
Speaking in Beijing’s Great Hall of the People, Li warned of the challenges the world’s second-largest economy faced.
