China’s Tax Cuts Lifted Growth Almost 1 Percentage Point in 2019

China’s economic growth was boosted by about 0.8 percentage point last year, following tax cuts of more than 2 trillion yuan ($288 billion), the government claimed.

The tax cut was worth more than 2% of gross domestic product, according to a statement from the tax authority on Monday. That means that the nominal value of the economy likely grew to about 100 trillion yuan at the end of 2019, according to Bloomberg calculations, up from 92 trillion in 2018.

The data confirms President Xi Jinping’s statement on New Year’s Eve that GDP was “expected to be close to 100 ...