{"id":158068,"date":"2022-05-23T12:55:58","date_gmt":"2022-05-23T12:55:58","guid":{"rendered":"https:\/\/precoinnews.com\/?p=158068"},"modified":"2022-05-23T12:55:58","modified_gmt":"2022-05-23T12:55:58","slug":"china-to-take-targeted-forceful-steps-to-support-economy-cabinet-says","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/china-to-take-targeted-forceful-steps-to-support-economy-cabinet-says\/","title":{"rendered":"China to take targeted, forceful steps to support economy, cabinet says"},"content":{"rendered":"
BEIJING (Reuters) -China will adopt a package of targeted, forceful and effective measures to support the economy, state television quoted the cabinet as saying on Monday, as downward pressure intensifies.<\/p> China would strive to bring its economic operations back onto a normal track, the cabinet said.<\/p>\n \u201cAt present, the downward pressure on the economy continues to increase and it\u2019s very difficult for many market entities,\u201d the cabinet was quoted as saying after a regular meeting.<\/p>\n Chinese policymakers have pledged to step up support for the world\u2019s second-biggest economy, hit by COVID-19 outbreaks that have prompted stringent restrictions, causing huge disruption.<\/p>\n The government will provide tax credit rebates to more sectors, and raise annual tax cuts by more than 140 billion yuan ($21.06 billion) to 2.64 trillion yuan, the cabinet was quoted as saying.<\/p>\n China will also reduce some passenger car purchase taxes by 60 billion yuan, state media said.<\/p>\n Authorities will postpone social security payments, including pension insurance premium payments, by small firms, individual bushiness and some severely distressed sectors to the end of this year, the cabinet said.<\/p>\n The deferred payments are expected to reach 320 billion yuan this year, it added.<\/p>\n Banks will postpone repayments by some loans, including auto and consumer loans, by small firms and individuals that face difficulties, the cabinet was quoted as saying.<\/p>\n The cabinet also pledged to increase domestic and international passenger flights in an orderly way.<\/p>\n ($1 = 6.6470 Chinese yuan renminbi)<\/p>\n