“This year, we will reduce the tax burdens on and social insurance contributions of enterprises by nearly 2 trillion yuan,” said Premier Li © Artyom Ivanov/TASS/Getty Images
“This year, we will reduce the tax burdens on and social insurance contributions of enterprises by nearly 2 trillion yuan,” said Premier Li © Artyom Ivanov/TASS/Getty Images

China to cut public spending by 5%

6 March 2019

China has announced a target that public expenditure should fall by 5% as part of a package of industrial measures.

In its Government Work Report, Premier Li Keqiang said spending on official overseas visits, official vehicles, and official hospitality would be cut further, by 8%.

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