China cuts taxes as it warns of ‘a hard struggle’ ahead

Hong Kong (CNN Business)China is slashing business taxes as it tries to stop its economy from slowing down too sharply.

The Chinese government on Tuesday predicted economic growth of between 6% and 6.5% in 2019. That’s a decline from last year’s 6.6% rate of expansion, which was already China’s weakest performance in three decades.
“There has been a more complex and severe environment facing our country’s development this year,” Chinese Premier Li Keqiang said in a speech. “There are greater expected and unexpected risks and challenges, and we have to make full preparations for a hard struggle.”

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