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China to give 1 trillion yuan tax rebates to small firms – CCTV cites cabinet meeting

Randy Mancini 24 Mar 21
Lujiazui financial district during sunset in Pudong, Shanghai
A man checks his phone while walking in Lujiazui financial district during sunset in Pudong, Shanghai, China July 13, 2021. REUTERS/Aly Song

March 21, 2022

BEIJING (Reuters) – China will give nearly 1 trillion yuan ($157 billion) in tax rebates to domestic small firms to shore up economic stability, state media CCTV quoted a cabinet meeting as saying on Monday.

China will also take targeted measures to boost market confidence and keep capital market development stable and healthy, according to the State Council meeting chaired by Premier Li Keqiang.

The meeting also said the government will properly handle problems from capital market operations, and will create a stable, transparent and predictable market climate.

China attaches great importance to the impacts brought by the changing global capital market to the Chinese capital market, the cabinet said, adding it will roll out policies to stabilize the economy and stimulate market vitality as much as possible.

($1 = 6.3552 Chinese yuan renminbi)

(Reporting by Ellen Zhang, Stella Qiu and Ryan Woo; Editing by Toby Chopra)