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China Economy: Beijing Unveils $298bn Tax Cuts To Boost Growth.

China’s number two leader Li Keqiang has warned the country faces “a tough struggle,” as he laid out plans to prop up the world’s second-largest economy.

Opening the annual session of China’s parliament, he forecast slower growth of 6% – 6.5% this year, down from a target of around 6.5% in 2018.

China has struggled with a slowing economy and a US-led trade war.

It plans to boost spending, increase foreign firms’ access to its markets, and cut billions of dollars in taxes.

“In pursuing development this year, we will face a graver and more complicated environment as well as risks and challenges… that are greater in number and size,” Mr Li said in a lengthy speech.

“We must be fully prepared for a tough struggle.”

Mr Li told 3,000 delegates at the National People’s Congress that China would aim to deliver nearly 2 trillion yuan ($298bn; £227bn) of cuts in taxes and other company fees.

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