BEIJING (Reuters) -China will ensure stable economic growth in the first quarter of 2022, state radio quoted Premier Li Keqiang as saying on Wednesday.
The government will implement greater tax and fee cuts for businesses and will provide targeted support for COVID-affected sectors such as services, Li was quoted as saying.
China will extend existing tax breaks and increase deductions for research and development (R&D) expenses when compannies calculate their income tax, Li said.
Facing new downward pressures on its economy, China aims to stabilise key sectors such as employment, financing, trade and investment, Li said.
The world’s second-largest economy faces multiple challenges heading into 2022 because of a property downturn and strict COVID-19 restrictions that have hit consumer spending.
(Reporting by Kevin Yao and Beijing newsroom, Editing by Louise Heavens and Gareth Jones)
