China sought to shore up its slowing economy through billions of dollars in plan...
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 weaker domestic demand and a trade war with the United States.
Speaking in Beijing’s Great Hall of the People, Li warned of the challenges the world’s second-largest economy faced and pledged to keep it on a safe footing with an array of stimulus measures. China’s GDP last year expanded at its slowest pace since 1990 due to the trade war and Beijing’s crackdown on financial risks, which raised corporate borrowing costs and hurt investment.
China has ramped up the propaganda in the run-up to parliament, with state media releasing English-language videos and even a rap song praising the event as an exercise in Chinese democracy, though the legislature never rejects laws and its members are chosen for their loyalty to the Communist Party.
The government has also set a consumer inflation target of around 3 percent despite a recent softening in price rises to less than 2 percent, which gives Beijing some room to stimulate consumption.
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