Chinese Government Announced Measures to Boost Growth Momentum

25 July 2013 25 July 2013

samojakosa

Commodities weakened further in European session amid concerns over Chinese economic outlook. In order to maintain sustainable economic growth, China’s State Council announced a number of measures to revive the market momentum. The government would “suspend the VAT and turnover tax for small businesses with monthly sales of less than RMB 20K starting from August 1, a move expected to “benefit more than 6M small companies and boost the employment and income for tens of millions of people".