China Signals Further Tax Cuts to Boost Virus-Hit Economy

China will introduce an additional 500 billion yuan ($70 billion) in tax cuts and fee reductions as part of an effort to aid businesses impacted by the Covid-19 outbreak, Premier Li Keqiang announced.

Li announced the measures at the opening of the annual National People’s Congress meetings in Beijing Friday along with other policies such as transferring 2 trillion yuan to local governments to support local tax and fee reductions, rent reductions, and cover interest on loans.

“We will continue implementing reductions of VAT rates and the share of employees’ basic old-age insurance paid by enterprises, and we will ...