China will adopt a more vigorous fiscal policy to help counter the external uncertainties, state radio said on Monday, citing the cabinet, according to Reuters News.
The proactive fiscal policy will become more active and the government will focus on cutting taxes for firms, fine-tuning economic policies, but will stop short of a strong stimulus.
The government will deliver a tax cut of CNY 65 billion by expanding a preferential policy for small tech firms to all firms, on top of an initial goal of cutting taxes and fees by CNY 1.1 trillion this year, the cabinet said.
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